New Ripple Class Action Hearing Scheduled for XRP Holders

Updated: 27 April 2023

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The XRP community eagerly anticipates a crucial hearing regarding the ongoing action against Ripple Labs. The hearing will address a class certification case that seeks to determine whether Ripple’s token, XRP, is a security.

Plaintiff Bradley Sostak is seeking to represent all XRP holders who own or sell the cryptocurrency at a loss. Sostak alleges that Ripple violated federal securities laws by selling XRP without properly registering it and argues that XRP is, in fact, a security.

John E. Deaton, a lawyer and cryptocurrency enthusiast, has filed a motion for leave to file an amicus brief on behalf of over 75,000 XRP holders. This motion would allow their voices to be heard in court, but the judge still needs to rule. The XRP community is heeling this case and awaiting the outcome of today’s hearing.

#XRPHolders: Plz know that I intend to be on Zoom, but, unlike the @LBRYcom hearing, this Judge does not allow Amicus counsel to participate at oral argument (even if the amicus brief is allowed). This is a long standing rule of the Court so it has nothing to do w/this case. https://t.co/fLl0lOsH4W

— John E Deaton (@JohnEDeaton1) April 26, 2023

A hearing is scheduled in the California federal court regarding the class certification of XRP holders. The hearing, set for 1:30 p.m. PT (4:30 p.m. ET), will be open to 500 members of the public through online access. Many experts have speculated that the outcome of Ripple’s prolonged legal battle could set a significant precedent in the crypto industry. If the plaintiff in today’s case successfully gets the class certified, it is believed that a judgment against Ripple or a large settlement is imminent.

However, lawyer Deaton remains optimistic that XRP holders will prevail, as he believes Ripple has not violated any laws by selling XRP. The decision made in this hearing could have significant implications for Ripple and the cryptocurrency market.

Bitrue Exchange Faces Technical Glitch Resulting in XRP Liquidation and Loss – Promises Refund to Affected Users

In a rather exciting outcome, several Twitter users shared screenshots of a sharp drop in the XRP/USDT perpetual trading pair on Bitrue, quickly liquidating long positions.

$XRP price went down to 0 in#bitrue exchange. clear glitch, error or manipulation in $xrp features, @JoelKatz @BitrueOfficial please kindly correct the liquidations caused by the error. pic.twitter.com/qpeFpAuOie

— samet karadag (@samkaradag) April 26, 2023

Crypto lawyer and XRP supporter Bill Morgan took to Twitter to explain that the incident was caused by a false wick on XRP futures on Bitrue, which caused the XRP price to plummet to nearly zero. This led to the liquidation of XRP long positions, even though the actual market price of XRP did not fall below $0.46.

Bitrue Exchange confirmed a technical issue on April 26 between 07:15 and 07:16 (UTC), resulting in incorrect prices and quantities for specific orders of XRP/USDT. The exchange has acknowledged the incident and outlined its steps to address the situation. Bitrue has stated that it will reverse all positions made during the affected time, and the margin amount will be refunded to user accounts.

In addition to reversing positions and refunding margin amounts for affected users, Bitrue Exchange will nullify all losses for those liquidated during the technical glitch. The exchange has specified that they will mark the settlement price of XRP at 0.4696, which was its price at 7:15 a.m. UTC. As a result, they will also refund the margin amount for these users to their accounts.