BKCM CEO: Ripple Crypto Community is Missing Out

Brian Kelly, BKCM CEO reported how he believes that investors are missing out on the cryptocurrency Ripple and its potential
04 June 2018   512

This cryptocurrency is known to be created in order to become a real-time calculation system, remittance network, as well as a currency exchange. The system brings profits to the banks and major payments industries - using the system could help banks to save up to 60 percent on remittances made across the globe. In the interview with  CNBC, the CEO of the investment company declared that the internal payments market’s size amounts to $155 tln. That might mean that to move the massive market, it would demand for $31 bln.

One major merit of utilizing the cryptocurrency is that it assists in saving reconciliation of Nostro accounts, that are foreign currency-dominated accounts safe kept by a bank in a separate country. The practice incurs costs just by merely maintaining these accounts. And, as Kelly expounded, banks can do away with the costs with the help of Ripple ledger and XRP tokens vice of keeping foreign currency in accounts overseas.

XRP prices unfortunately accupied a substantial fall since the start of 2018, unlike some other cryptocurrencies which got significant growth especially this week. Against the lack of the appreciation that it seemingly deserves, Kelly induces the crypto community to utilize both the tokens and the ledger framework so that the token will up in price.

Court to Refuse to Return XRP Case to the Lower Instance

The case by XRP investor alleged that Ripple used dishonest and illegal tactics to control the price of XRP
13 August 2018   138

The Court of the Northern District of California rejected the claim to return the lawsuit against Ripple Labs to a lower court initially formed by investor Ryan Coffey in the San Francisco court on May 3, 2018. Coffey wanted the trial to continue in lower courts in California and not be carried out by federal courts, Bitcoinist reports.

With his suit, Coffey claims to recover the losses he incurred as a result of investing in XRP. He claims that Ripple is manipulating the XRP course with unreasonable statements about the future price of the crypto currency, while violating California Corporate Law and "hiding the role of the security."

He also accuses Ripple CEO Bred Garlinghouse of misleading investors with statements aimed at promoting and enhancing the market rate of XRP. The plaintiff believes that XRP is not a fully decentralized crypto currency, which leads to the conclusion that Ripple may violate securities laws by distributing it.

Having read the papers filed by the parties and carefully considered their arguments and the relevant legal authority, and good cause appearing, the court hereby DENIES plaintiff’s motion.

Court's Statement

Meanwhile, two lawsuits against Ripple have already been transferred to federal courts in the United States. One of them was issued by a group of investors in late May. Its organizers also claim that they lost money, because they invested them in XRP under the influence of the company's statements, and assume that it can distribute unregistered securities. A third lawsuit with similar applications was filed in early July.