Following bullish trends in the market, the world’s third biggest cryptocurrency Ripple (XRP) is up almost 13 percent today following an important win in a court case filed with the Northern District of California. Ripple is currently entrenched in several ongoing legal battles surrounding accusations that the company has taken illicit action in pumping its XRP token’s value. Nasdaq reports that Ripple is insisting that the company and the XRP token are entirely independent.
Ripple Parent Company Owns XRP Like it Owns Office Chairs
Ripple Labs Inc. is a San Francisco-based company created under the name Opencoin in 2012. The company was founded by Ryan Fugger, who agreed to change the company name in 2013. Fugger is reported to have first conceived the idea for Ripple in 2004. Ripple’s XRP token solidified its position as the third largest cryptocurrency in the world when the token’s price skyrocketed from 25 cents to $3.65 amidst the cryptocurrency boom late last year. Since that time, the XRP token has plummeted back down to its current 29 cent value, while Ripple continues to engage in damage control amid its numerous lawsuits.
Accusations surrounding potential price manipulation operations have been met with a series of press releases published by Ripple attempting to distance itself from the XRP token. In one of the most amusing defenses of a cryptocurrency company on record, Ripple’s chief marketing strategist argued that the company’s investment in XRP is as impersonal as its purchased office equipment:
“XRP is a digital asset that trades on its own that’s owned by lots of people in lots of places. We happen to own a lot of XRP – we own a lot of cash, chairs and computers – but the company is called Ripple and we sell software.”
It is unclear whether XRP’s current price jump can be strictly attributed to the bullish trends on the day within the crypto market, or if Ripple’s first court case win is demonstrating new faith in the company. With several lawsuits still ongoing, the future of Ripple remains uncertain.
Suggested Reading: Read more about Ripple in our ‘What is Ripple‘ beginner’s guide.
The post Ripple (XRP) Bullish Following Important Court Case Win appeared first on UNHASHED.