Ripple Loses Fight Against R3 in California Court

San Francisco-based blockchain-based payments firm Ripple Labs has lost its lawsuit against its former partner R3 Holdco in a California court.

The lawsuit was filed by R3 Holdco, which accused Ripple Labs of failing to pay 5 billion XRP tokens owed under the partnership agreement. Ripple later accused R3 of entering into the partnership under false pretences. The contested amount of Ripple tokens are worth over $16 billion – a number which can easily bring misery to the losing party.

R3 also filed lawsuits against Ripple in two other courts – Delaware and New York. The Delaware court dismissed the case in October, leaving the New York court the sole decider of the fate of the two firms. Moreover, Ripple argued that the firm would face “irreparable injury” if it had to fight R3 in Manhattan, which is the home state court of R3.

As the cryptocurrency market is already going through turmoil, the court decision’s impact on the value of Ripple cannot be accurately judged. However, it is worth noting that the token is down by more than 6%, as its value on the 24-hour chart depreciated from $0.83 to $0.78. Moreover, the selling rush is still dominating the market.

To expand its market acceptance, Ripple is now planning to invest in startups and technology companies to develop more uses for XRP, according to a recent report by Tech Crunch.

Source: Finance Magnates

Jr Trader Alexander Kumanov

Original Post: Ripple Loses Fight Against R3 in California Court

Read more:

• Fake news isn’t just a problem for the public, it’s a problem for algos
• Jim Cramer: “It was all about the rise of the machines.”
• RISE OF THE MACHINES or why automated trading could create problems down the line
• JP. Morgan: The next financial crisis will be Flash Crash
• Robo-adviser Scalable Capital hits $1.2 billion