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Lawyer Accuses Ripple Labs of “Word Games” on $175M Court Dispute

Jamie West by Jamie West
February 19, 2021
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A lawyer from Tetragon Financial Group has accused Ripple Labs of “word games” after their court hearing for a dispute which involves over $175 million stock buyback. 

The UK-based investment management company name Tetragon Financial Group recently accused Ripple Labs of playing “word games” as the investment management company sues the blockchain that owns the XRP, currently the 6th largest cryptocurrency in the market in terms of market cap. 

The lawsuit is valued at $175 million, and Tetragon lawyers are pleading to the Delaware Chancery Court to sentence Ripple to a forced suspension of all their transactions while the company buys back Tetragon Financial Group’s shares valued at $175 million.

Pixabay | Ripple XRP crypto coin physical visualization

Photo Credits: Pixabay | Ripple XRP crypto coin physical visualization

The allegations are based around a shareholders’ agreement entered by Tetragon Financial Group and Ripple Labs in 2019. The said agreement states that the terms that trigger Ripple Lab’s obligations to buy back the Tetragon’s stock in the company.

According to one of the lawyers on Tetragon’s team Michael Shuster, Ripple Labs looks at the agreement’s language and sees things not written on the agreement. Moreover, Shuster went on to accuse Ripple Labs of intentionally misconstruing the agreement to avoid its obligations stipulated in the contract. 

This current dispute is a follow-up of a filling on January 2021, when Tetragon Financial Group attempted to stop Ripple Labs from buying any more of their token XRP until they buy back the company’s stock as stipulated on their agreement. Ripple Labs is also facing a lawsuit from the U.S. Securities and Exchange Commission after XRP was declared a security. 

Regardless, XRP’s price has significantly appreciated even amidst the numerous lawsuits Ripple Lab is currently facing. XRP is currently trading on a respectable $0.54 and is gearing up for a 35% upswing if it breaches the key resistance level of $0.56 in the next 4-hour chart. This positive development will bring the price of XRP to $0.72 and could mean the crypto’s full recovery.

jamie xrp news | XRP & Ripple News
Jamie West
Tags: cryptocurrency newsripple news todayRipple pricexrp news predictionxrp news todayXRP price
Jamie West

Jamie West

Jamie is an XRP veteran & keeps his finger on the pulse when it comes to all things crypto.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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