Ripple’s Legal Battles Threaten XRP Price, Attention Shifts to This Low Cap Coin
Fans of Ripple’s $XRP are clearly unfazed by the company’s legal troubles right now. On a day when the price of market leader Bitcoin ($BTC) has dropped 1.6% overnight and 4.5% in the last seven days, XRP is posting intraday depreciation of 1.1% after adding 2.2% over the week.
$XRP’s price stability comes despite the fact that a United States federal court judge has just green lit plaintiff Bradley Sostack’s civil securities lawsuit against the token’s progenitor Ripple Labs.
California District Court Judge Phyllis Hamilton’s recent ruling delegates a jury to decide whether Sostack’s claim that Ripple CEO Brad Garlinghouse made misleading statements in a 2017 interview holds any water.
In the interview on Canada’s BNN Bloomberg, Garlinghouse professed to being “very, very long” on XRP.
Sostack’s complaint points out that Garlinghouse made this claim while purportedly selling millions of XRP tokens that same year.
Ripple’s Chief Legal Officer, Stu Alderoty, expressed satisfaction with the court’s decision, stating that all class action claims were dismissed and this remaining California state law claim will be addressed at trial.
Ripple has shrugged off the worst of its legal troubles thanks to a landmark ruling in July 2023 by Judge Analisa Torres in a Securities and Exchange Commission (SEC) lawsuit.
Torres said sales of XRP to the public do not necessarily constitute securities sales. However, sales to institutions could constitute securities infractions under the Howey test.
XRP’s performance over the last three months is indicative of the growing stability enjoyed by market-leading tokens.
It has consistently traded between support levels of $0.46 and resistance at $0.56. However, a major breakout or crash appears unlikely given the fact that the worst of Ripple’s legal troubles are over.
As Ripple’s $XRP Courtroom Drama Heats Up, Solana’s New Meme Coin Sealana Brings Laughs
Once upon a time, Ripple’s XRP was the third biggest cryptocurrency after Bitcoin and Ethereum. Now the title goes to $SOL, the token powering Solana, a blockchain that has cultivated a thriving community to compete with Ethereum for DeFi commerce.
Solana currently hosts a digital economy storing over $4.1 billion in total value locked (TVL) across various apps and financial services, with 1.6 million active users transacting daily and over 2,500 monthly active developers.
Solana’s Sealana ($SEAL) is the network’s next hot meme coin, following in the footsteps of DogWifHat ($WIF) and Bonk ($BONK), both of which rose to become top ten meme coins within a year of launch.
He’s a spin on South Park’s viral Gamer Guy, aka Fat Computer Nerd. The all-American hillbilly seal has already raised over $5 million in a hilarious new ICO that will end in four days.
Gamer Guy first appeared in South Park’s World of Warcraft episode, and thanks to his milk-bottle glasses, screen-locked stare, messy room, and gravity-defying girth, he quickly became a symbol of excessive screen use, from keyboard warriors to degen traders and comments trolls.
Curiosity got the best of #Sealana 🤦🦭 Using his Navy $SEAL training, he sneaked into #Area51 and got captured by some Aliens!👽🛸 Seems like they’re also into Lambos🏎️, Massive Gains💰 just maybe not the Freedom bit! 🇺🇸
Send $SOL to rescue Sealana before the #Presale ends! 🔜 pic.twitter.com/p5JdkjmmRv
— Sealana (@Sealana_Token) June 20, 2024
$SEAL holders are poised to enjoy the next Solana gold rush. After all, the meme coin market is aiming to be a much more diverse place beyond the common run of canine-themed tokens.
Investors who want to prepare have a little over one week left to snap up $SEAL at a fixed presale price of $0.022.
The Sealana presale concludes at 6PM on June 25. That means this is the last opportunity to get in early before post-listing appreciation potentially adds more value than any rally by Ripple’s $XRP.
Sealana is a very active redneck over on X.
Buy Sealana with $SOL, $ETH, $USDT or $BNB at the official website here.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
