Ripple’s ongoing legal battles are posing a threat to the price of XRP, leading investors to shift their attention to a low-cap coin. Despite the legal troubles, XRP has shown price stability, with a slight decrease of 1.1% in a day and a 2.2% increase over the week, while Bitcoin has faced a drop of 1.6% overnight and 4.5% in the last seven days.
The legal troubles stem from a civil securities lawsuit filed by Bradley Sostack against Ripple Labs, the creator of XRP. A US federal court judge, Phyllis Hamilton, has allowed the lawsuit to proceed, giving a jury the authority to decide whether Ripple CEO Brad Garlinghouse’s statements in a 2017 interview were misleading. The lawsuit claims that Garlinghouse made bullish statements about XRP while allegedly selling millions of tokens that same year.
Ripple’s Chief Legal Officer, Stu Alderoty, expressed satisfaction with the court’s decision, noting that all class action claims were dismissed, and only the California state law claim remains to be addressed at trial. Ripple had previously received a favorable ruling in a Securities and Exchange Commission (SEC) lawsuit in July 2023, where the judge stated that sales of XRP to the public may not be considered securities sales.
Despite the legal battles, XRP has shown stability in its price over the past three months, trading within a range of $0.46 and $0.56. It is unlikely that there will be a major breakout or crash, as the worst of Ripple’s legal troubles are now behind them.
Meanwhile, Solana, a blockchain platform competing with Ethereum in the DeFi commerce sector, has gained attention as its token, SOL, has become the third-largest cryptocurrency. Solana has built a thriving community with over $4.1 billion in total value locked and a significant number of active users and developers. The network has introduced a new meme coin called Sealana (SEAL), following the success of previous meme coins like DogWifHat (WIF) and Bonk (BONK).
Sealana is inspired by South Park’s Gamer Guy character and has already raised over $5 million in an ICO. The meme coin market is expanding beyond canine-themed tokens, and investors have the opportunity to purchase SEAL at a fixed presale price of $0.022 before its listing. This presents an alternative investment opportunity to XRP, with the potential for post-listing appreciation.
Investors should be aware that cryptocurrency investments carry high risks, and this article should not be considered as investment advice.
