Popular cryptocurrency company Ripple (XRP) is in the news for yet another class action lawsuit after its case with the U.S. Securities and Exchange Commission (SEC).
Per the details of the notice, the lawsuit has been filed in the Northern District of California, involving both the company and its CEO, Brad Garlinghouse.
According to the court, Brad Garlinghouse, his company, and its subsidiary XRP II, LLC, have allegedly violated federal and California securities laws by offering and selling the digital asset XRP without proper registration.
The lawsuit alleges that Ripple unlawfully sold XRP without proper registration under federal and state securities laws. It seeks to represent two groups: one for federal securities claims and one for California state securities claims. These groups include individuals or entities who bought XRP between July 3, 2017, and June 30, 2023, and either still hold the asset or sell it at a loss.
Ripple and its co-defendants deny wrongdoing, arguing that XRP didn't need to be registered as a security. This disagreement sets the stage for a potentially contentious legal battle. Affected investors and entities must make important decisions about their legal options.
Members of the class action have until Apr. 5 to opt out, allowing them to pursue individual legal action against Ripple.
Cryptocurrency exchange OKX has shown its interest in the Ripple ecosystem as the company adds more than 44.9 million XRP tokens to its reserves. According to a report released on February 26, these huge transactions were moved for OKX's monthly proof-of-reserves audit.
This is coming after OKX's reserves not only surpassed the industry standard for leading cryptocurrencies such as Bitcoin, Ethereum, USDT, and USDC but also had an increase for XRP. The exchange reported an additional 44.9 million XRP added to its reserves in just the past month, bringing the total to an impressive 250.958 million tokens.
This notable uptick in reserves showcases OKX's dedication to providing strong support for its users' XRP holdings. With the exchange now holding reserves estimated at 259,587,408 XRP, valued at approximately $137.58 million, OKX reaffirms its crucial role in facilitating global crypto trading and bolstering confidence among XRP holders utilizing its platform.
Today, the price of XRP stands at $0.558558, accompanied by a 24-hour trading volume totaling $1,599,159,841. Over the past 24 hours, XRP has experienced a 4.70% increase. Its current live market cap is $30,494,062,528, supported by a circulating supply of 54,594,247,369 XRP coins, with a maximum supply capped at 100,000,000,000 XRP coins.
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