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Ripple celebrates 7th year in operations, files motion for dismissal of securities lawsuit

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Vineet Chaudhary
Vineet Chaudhary
Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

Ripple's office across the globe celebrated the 7th anniversary of Ripple along with the CTO David Schwartz and shared the celebrations and joy on Twitter. On the other hand, though, Ripple has filed a motion to dismiss the case of securities lawsuit against them and avoided answering questions about XRP.

Ripple turned 7 years old, and their offices around the world(from Dubai to New York) celebrated the company’s 7th anniversary. Ripple’s CTO David Schwartz posted a photo on Twitter as he is proudly wearing his Space Fort shirt. Schwartz worked alongside Jed McCaleb when they were working on the inception phase of the company’s payment protocol.

In the past 7 years, the company has moved from a little-known cryptocurrency startup to a digital payment giant. During its peak, Ripple’s executives, Chris Larsen, and Brad Garlinghouse gained billions in fortune after the XRP token took off with a 7,000 percent increase in one year.

Today, Ripple is doing fine with a long list of banking partners and their native token, XRP, is still down from its ATH, but it still managed to hold the third place on the podium with a market cap of $12.73 billion.

Bradley Sostack, an investor, filed a lawsuit against Ripple that in 2013, they sold XRP with an unlawful securities offering. Ripple denied these allegations, but there is a more extensive concern now as Ripple executives have denied any relationship between the company and XRP token. The new concerns have changed the way the case was working as the motion to dismiss the case, failed in the court.

Another crypto lawyer Jake Chervinsky mentioned how there were many reasons to why the case should be dismissed but not even a single one proving that XRP is not unregistered security. This news didn’t affect the XRP token much as the price continued to trade close to $0.30 levels from the past 24-hours.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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