- Ryan Coffey, a former investor files a class action lawsuit against Ripple “on behalf of all investors who purchased Ripple tokens.”
- The buyers are targeting $0.85, besides, $0.9 is still within reach.
The cryptocurrency market is quite bearish on Monday as most of the charts are painted red. Ripple price is not spared, in fact, it is down 5.5% in the last 24 hours. But the good news is, the cryptocurrency is well supported above $0.80 level. At the same time, the upside has been capped below $0.875.
In other news related to Ripple, a former investor, Ryan Coffey who lost money while trading Ripple has been reported to have taken the digital company to court “on behalf of all investors who purchased Ripple tokens.” The class action lawsuit alleges that:
“Defendants have since earned massive profits by quietly selling off this XRP to the general public, in what is essentially a never-ending initial coin offering (‘ICO’). [...] In order to increase demand for XRP, and thereby increase the profits it can derive by selling XRP, Ripple Labs has consistently portrayed XRP as a good investment, relayed optimistic price predictions, and conflated Ripple Labs’ enterprise customers with usage of XRP.”
Ryan Coffey claims that XRP is a security that is not registered, however, Ripple has maintained over and over again that it is not a security token. Besides, the SEC status on which tokens are securities and which are not is still unclear. In his argument, Coffey says that XRP is a security because “purchasers reasonably expected to derive profits from their ownership” of it.
Ripple price analysis
Ripple is trading below the ascending bullish trend line, although the moving averages have crossed $0.86 signalling that an upside break is on the horizon. The buyers are targeting $0.85, besides, $0.9 is still within reach, but Ripple must find a catalyst in the near-term. The RSI on the 240’ chart is at 34 level while it is starting to point upwards to signal the return of the bullish force during the intraday trading. The next support for XRP/USD is at $0.80, although below this, other support levels are highlighted at $0.7 and $0.65 respectively.
XRP/USD 240’ chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle (PENDLE) price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.
Ethereum shows signs of a potential rally as suspected Justin Sun wallet buys heavily
Ethereum's (ETH) recent price movement hints at a potential rally despite ETH ETPs recording outflows. The recent price improvement follows the fourth Bitcoin halving and a suspected Justin Sun wallet purchasing large numbers of ETH.
Floki poised for growth after listing on Revolut
Floki's (FLOKI) team announced in an X post on Monday that the meme coin would be listed on the popular neobank and Fintech platform Revolut. Floki could rise further following key partnerships to boost retail usage.
Jupiter DEX second Launchpad vote concludes, JUP price rises 5%
Jupiter, a Solana-based decentralized exchange (DEX) has completed the second launchpad (LFG) vote to identify the two projects that will debut on its platform. On March 30, the aggregator network had unveiled its Core Working Group (CWG) budget proposal voting.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?