Ripple does not come to rest: New lawsuit is in the room
- Tetragon Financial Group Limited has already brought the lawsuit
- Will two procedures push the company to the limit?
The company behind the cryptocurrency XRP, Ripple, which already learned in late 2020 that it would be sued by the US Securities and Exchange Commission, has now received a new lawsuit: Tetragon Financial Group Limited, a company based in San Francisco, now has the Delaware Chancery Court action brought. They want to "enforce the contractual right to require Ripple to redeem Series C preferred shares" so that the "investment company holds".
Tetragon Financial Group Limited also requires the court to freeze cash and / or cash until the asset manager has received the required payments. Ripple has already requested the court to dismiss the lawsuit as "unfounded".
Far from the all-time high
Even if, as was also observed on eToro, the price of the crypto currency has recovered in the last few days, one is a) far away from the highs of other crypto currencies and b) the all-time high is not even within reach. At the current time, the Ripple price is 0,30 US dollars - the all-time high, set in early 2017, is 3,40 US dollars.
In the past 30 days, the Ripple price has gone 45 percent downhill. The reason for this was the lawsuit brought against the company by the US Securities and Exchange Commission (SEC). Because XRP was not a registered security when it was introduced, according to the SEC, and is not one today.
Of course, we must first wait and see whether the lawsuit by Tetragon Financial Group Limited will be upheld at all. Two procedures would be a burden for the company - regardless of whether Ripple “wins” or “loses” in the end.