XRP Lawsuit: Top Media Personality Has This Bad News for Ripple Community

16 Jul, 2023

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Ripple May Still be Liable for Damages

Taking to Twitter, top media personality and Fox Business Network’s Senior Correspondent, Charles Gasparino sent a message to the members of the Ripple community he called “XRP pumpers”.

He noted that while Ripple may be celebrating the positive disposition in the Summary Judgment (SJ) which detailed that XRP is not an investment security, the blockchain payments firm will still need to pay some money, probably as a fine on the part of the case it loses, if any.

Gasparino said that he has interviewed a lot of securities lawyers with respect to the XRP lawsuit, and none believe the part the company won stands on appeal.

Hate to break it to the XRP pumpers: @Ripple will be paying money on the part of the case it lost; plus there isn’t a securities lawyer I’ve interviewed who thinks the part they won stands on appeal. https://t.co/uzLDDZ1IF1

— Charles Gasparino (@CGasparino) July 15, 2023

He made this statement in response to the growing speculation that the United States Securities and Exchange Commission (SEC) may choose to appeal the decision of Judge Analisa Torres in the future.

The XRP lawsuit has a wide reaching implication, one that has the potential to set the precedent for further enforcement actions that the SEC may choose to push in the crypto ecosystem the near term. Since the SJ was pronounced, the industry has been acting as though the case has come to an end with top exchanges like Coinbase Global Inc, Kraken and Gemini relisting the XRP coin for trading on their platforms.

Need for Caution

Over the course of the past week, XRP as a digital currency recorded an impressive price upshot amid positive sentiment that trailed the summary judgment. The growth in the digital currency has tapered down, and despite this cool off, it remains the best performing altcoin over the past week with a growth rate of 58%.

XRP is now changing hands at $0.7466, down from its 52-week high of $0.8875. With XRP poised to exhibit more concerning volatility as the case moves forward in the coming months, traders may benefit more to exercise functional risk management approaches.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.