According to a press release published on September 10, Ripple Labs Inc. has reached a settlement of ‘all outstanding litigation’ with the R3 Blockchain Consortium. However, the details of the settlement will be confidential. Both parties will be working in order to put the disputes behind them and work for the future of the space.
Ripple Labs and the R3 Consortium started a litigation back in September 2017. The First move was taken by R3 filing a lawsuit in Delaware and New York against Ripple Labs. According to the consortium, Ripple violated a purchase agreement signed for the purchasing of XRP tokens.
Apparently, R3 could buy up to 5 billion XRP for a price of $0.0085 dollars before 2019.
In California, Ripple Labs decided to fill a counterclaim, accusing R3 of breaking an important number of commitments specified in the agreement. The value of the contract signed was worth more than $1 million dollars, but as the price of the cryptocurrency substantially increased, this number went to $3.85 billion dollars.
Later in March 2018, Ripple’s filling to appeal the order that dismissed the lawsuit against R3 was denied by a San Francisco state appeals court.
During the last year, Ripple had several legal battles in many different fields with different companies and investors. The situation is not so easy for a company that is trying to separate itself from the XRP cryptocurrency.
Another important lawsuit filed against Ripple Labs about whether or not the XRP token is a security. The investor behind this lawsuit is known as Ryan Coffey, who alleged that Ripple’s sales of tokens violated the securities laws in the United States. Furthermore, he informed that the lost $551.89 dollars after trading XRP and that the virtual currency is not decentralized at all.
XRP is currently being traded close to $0.269 dollars and has a market capitalization of $10.68 billion dollars.