While the countries are actively working on developing crypto regulations, XRP has faced its third class-action lawsuit for securities fraud.
The third securities fraud lawsuit has been filed against Ripple in California by the lead plaintiff David Oconer who is a private XRP investor.
Ripple Labs, Brad Garlinghouse, its chief executive officer, and XRP II LLC, a money service business unit of Ripple Labs are named as defendants.
Ripple Labs Inc. and the company’s CEO are accused of having conflated their token with its proprietary Ripple technology and of getting illegal benefits from price growth all the time.
According to the lawsuit, due to the way how XRP cryptocurrency is managed and distributed by Ripple Labs, it should be classified as a security.
The U. S. Securities and Exchange Commission (SEC) is once again taking action against a co-founder of the PlexCoin cryptocurrency project, having previously sued him over securities violations and fraud in 2017.
With crypto scams running rampant across the globe, Human Trust Protocol, aka Hub, is joining hands with Civic, a blockchain identification service provider, to verify users via know-your-client (KYC) data gathered from the Civic secure identity platform (SIP).
While bears continue to tighten their grip, the primary story is no longer about price charts. Market players now want to know where funds are moving. This has been among the key indicators for detecting potential sentiment shifts amid broader market uncertainty.
The cryptocurrency market recovery has stalled over the past few hours, with Bitcoin failing to overcome the $93k resistance level. Ripple (XRP) is trading under pressure at press time and risks dropping below the $2 psychological level if the bearish trend persists.
Cryptocurrencies remained downbeat on Friday, December 5, with sentiment deteriorating across leading assets. Meanwhile, the latest ETF flow stats confirm this weakness, with Bitcoin and Ethereum exchange-traded products struggling as new products attracted fresh funds.
Ripple (XRP) seems to have lost steam after recording gains over the past two days. The second-largest altcoin by market cap is trading at around $2. 17, with the bulls pushing to regain control of the trend.
Bitcoin traded just above $93,416 on Thursday as expectations mounted that the US Federal Reserve would cut interest rates next week. During the morning session, the cryptocurrency dipped to $92,612 before climbing to an intraday high of $94,002, reflecting renewed momentum after several weeks of turbulence.
