Ripple, the company behind XRP has recently come under fire from a serial Bitcoin (BTC) proponent earlier week, following the news that the company is facing a class-action lawsuit.
Ripple will answer to U.S regulators
The company behind the cryptocurrency XRP is currently facing legal action by Bradley Sostack, an investor who alleges that the company is selling crypto as unregistered securities. Sostack upped his game earlier this week when he had his original claim amended to include new guidance from the SEC AKA the United States Securities and Exchange Commission.
As per reports, the SEC’s newest pronouncements lend weight to Sostacks accusations with a new filing staring that Ripple has to respond to allegations by next month.
The SEC to bring down “Thor’s Hammer”
Tone Vays, the host of the Bitcoin Law Review podcast, commented on the events, flinging harsh sentiment at Ripple:
“The SEC is bringing Thor’s Hammer.”
He tweeted the above statement on August 14 and publicly called XRP a scam cryptocurrency. Furthermore, Vays promised he would hold a debate pertaining to the lawsuit in his next podcast. Moreover, Ripple and XRP have both been at the behest of rampant controversy during recent years. Mixed sentiments surrounding the relationship between Ripple and XRP coupled with the questionable behaviour of social media supporters of the company has garnered Ripple a nasty reputation.
To add fuel to the fire Ripple is currently being roasted upon, as reported earlier today by TSA, crypto exchange, Beaxy announced that it has delisted XRP after a malicious attack on Ripple resulted in a massive sell-off on its order book. The attack resulted in XRP prices dropping by 40% on the exchange.
Notably, XRP/BTC is currently trading at its lowest level since November 2017. At the time of writing, XRP is down by 1.93% and trading at $0.292065 per token as per data from CoinMarketCap.Full article