-->In 2024, Ripple finds itself in an unprecedentedly difficult situation. After a setback in the discovery phase of its lawsuit with the U.S. Securities and Exchange Commission (SEC), Ripple now faces a new legal challenge.

This time the pressure comes from California regulators, putting the company at the center of legal attention once again.

With this accumulation of legal problems, the crucial question arises: What will Ripple do?

Ripple’s Political Chessboard: Senators vs. State Prosecutors

Ripple Labs Inc., CEO Brad Garlinghouse, and its subsidiary XRP II, LLC, are facing a new legal challenge in California. They are being charged for allegedly selling XRP without the necessary registration and violating securities laws. However, Ripple denies these allegations.

The lawsuit, filed in the Northern District of California, accuses Ripple of ignoring federal and state securities laws by offering and selling XRP without proper registration. The plaintiffs seek to represent two classes: the Federal Securities Claims Class and the California State Securities Claims Class, consisting of individuals and entities that purchased XRP between July 3, 2017 and June 30, 2023.

In response to the motion, Ripple refuted these allegations by claiming that XRP is not a security and therefore does not require registration.

This regulatory lawsuit puts Ripple on a tightrope. So far, Ripple has had the backing of many senators and legislative support, but the California case could complicate its winning path with the SEC. Ripple argues that XRP is not a security, but a digital currency for global transactions. The outcome of the case could determine how US regulators treat digital assets, with implications for the entire cryptocurrency market.

Investor’s Dilemma: Opt-out or Not?

Amid the new class action lawsuit, investors affected by the legal battle face an important decision. They have until April 5 to choose whether to opt out of the class action lawsuit against Ripple and pursue individual legal actions.

This choice underlines the far-reaching consequences of the lawsuit for both Ripple and stakeholders in the digital currency market.

Ripple’s legal troubles aren’t just limited to this class action; the company is also grappling with a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) in December 2020. The SEC accuses Ripple of conducting a $1.3 billion unregistered securities offering through the sale of XRP.

The regulatory tangle continues… Recent developments, such as digital asset exchange Kraken’s motion to dismiss the SEC’s lawsuit, further complicate the regulatory landscape. Kraken’s motion cites a ruling by Judge Torres on programmatic sales, which highlights the legal strategies deployed by investors and traders to address regulatory scrutiny.

Technical Analysis: What will Ripple do?

On the daily chart, the price has tested the upper limit of the major descending channel and the 200-day average around the $0.55 price mark. However, the 200-day moving average has rejected the price to the downside, and the market is likely to pull back towards the $0.50 level in the near term. The RSI falling below the 50% level is also a signal that such a correction is likely.

Looking at the daily timeframe of the Bitcoin pair, the situation looks much worse for Ripple. The price has been in a consistent downtrend since breaking below the 1300 SAT level.

The RSI has also been showing values ​​below 50% for a while, indicating that the cryptocurrency is likely to fall even further in the coming months. The 800 SAT support level could be an achievable target in this scenario before the market finds a bottom.

While Ripple is in this dire situation, struggling with legal issues and an uncertain market position, there are other emerging coins that stand out and offer investors a chance for significant returns.

Green Bitcoin (GBTC)

Green Bitcoin ($GBTC) represents an innovative fusion between Bitcoin’s heritage and Ethereum’s environmentally conscious blockchain, aimed at providing a sustainable staking model, “Gamified Green Staking”. This model encourages investors to invest in a greener future while enjoying passive income. Off to an impressive start, $GBTC’s presale has already raised more than $1.1 million, underscoring strong community and investor interest.

$GBTC is now available at an attractive price of $0.492, making it an excellent opportunity for early investors looking to contribute to and benefit from a more environmentally friendly crypto market. By participating in the presale via the official website, investors can not only invest in $GBTC but also participate in a rewards system that offers additional tokens for staking and community engagement.

Green Bitcoin represents a sustainable investment opportunity, with the potential for significant growth, especially given the upcoming Bitcoin halving. As a greener alternative in the crypto world, $GBTC embodies the opportunity to both invest environmentally and benefit from the dynamic crypto market.
Now to Frog Wif Hat“}” data-sheets-userformat=”{“2″:513,”3”:{“1″:0},”12”:0}”>

Frog Wif Hat (FWIF)

Frog Wif Hat ($FWIH) unveils a playful fusion between the charm of internet memes and cryptographic innovation, building on the success of DogWifHat, which not only reached a market cap of $378 million, but also serves as an example of $FWIH’s potential.

With an impressive increase of over 200% in the last 24 hours, $FWIH is currently available for $0.0015, making it a hot topic among investors and meme enthusiasts. Equipped with a beret and a baguette, $FWIH embodies the humor and quirkiness of the crypto world while celebrating French culture.

Available via a fair launch on Ethereum, with future plans for Solana, $FWIH promises equal opportunity for all investors. This approach ensures broad accessibility and community involvement. $FWIH is not only an entertaining investment, but also an adventure into the crypto world, rich in cultural nods.
Now to Frog Wif Hat“}” data-sheets-userformat=”{“2″:513,”3”:{“1″:0},”12”:0}”>

Bitcoin Minetrix (BTC.MTX)

Bitcoin Minetrix has introduced a groundbreaking approach for crypto investors who want to profit from bitcoin mining without the need for proprietary mining hardware or extensive technical knowledge. This innovation is made possible through their BTCMTX token, which operates on the Ethereum network.

The unique feature of Bitcoin Minetrix is ​​its ‘Stake-to-Mine’ mechanism. By staking BTCMTX tokens, users can earn additional tokens and so-called mining credits. These credits represent tokenized mining rights, which can be exchanged for free hashing power to mine bitcoin.

Investing in BTCMTX, currently priced at $0.0137 per token, is not only considered a bet on the success of this particular token, but also reflects confidence in the future of bitcoin. This innovative model makes Bitcoin mining more accessible than ever before, resulting in Bitcoin Minetrix already raising over $11.4 million during its pre-sale.
Now to Bitcoin Minetrix“}” data-sheets-userformat=”{“2″:4480,”10″:2,”11″:3,”15″:”Arial”}”>

Disclaimer: This article contains insights from independent authors and is not part of the editorial content of BitcoinMagazine.nl. This is not investment advice, please do your own research.

Source: https://bitcoinmagazine.nl/nieuws/ripple-rechtszaak-nieuwe-class-action-wat-gaat-ripple-doen



Leave a Reply