Ripple’s motion to dismiss long-standing securities lawsuit to be heard in January 2020

  • Ripple files motion to dismiss a case filed by Bradley Sostack.
  • The motion will be heard by a United States District Judge on January 15, 2020 in California.

Ripple, the company behind the issuance of XRP has moved to court to file a motion seeking to dismiss the securities lawsuit that has been standing for a long time. The matter will be heard on January 15, 2020 presided by Honorable Phyllis Hamilton, a United States District Judge in the Northern District of California.

Named as defendants in the motion are Ripple Labs, Inc. (“Ripple”), XRP II, LLC (“XRP II”), and BradleyGarlinghouse (collectively, “Defendants”). The lead Plaintiff in the case up for dismissal is BradleySostack’s. The case was filed against Ripple for “Violations of Federal and California Law(“Complaint”).”

If the case is dismissed, Ripple would have pocked a big win in its quest to be recognized in the United States as a decentralized cryptocurrency like Bitcoin and Ethereum and not a security as the lawsuit claims.

At the time of press, XRP is trading at $0.2968 following a bearish action the second day in a row. The losses on Friday have seen XRP lose 1.58% of its value. Besides, the prevailing trend is bearish. There is a high chance that declines will continue through the sessions today.

Read more: Ripple price update: XRP/USD pivot at the 50% Fibo


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