Ripple’s Promotion Under Scrutiny, Is XRP Security Status Under Threat?

Ripple, amidst mounting legal challenges, faces a pivotal moment as its CEO’s statements about XRP come under intense scrutiny in court. In addition, a U.S. Court Judge also questions the security status of XRP, potentially impacting the XRP community’s sentiment. Notably, the outcome of the ongoing lawsuit could potentially redefine XRP’s regulatory classification and impact its standing in the cryptocurrency market.Ripple Labs, led by CEO Brad Garlinghouse, is embroiled in a legal battle. Notably, Ripple’s legal hurdle centered on allegations of Garlinghouse’s “misleading” statements regarding XRP’s nature and Garlinghouse’s personal investment stance.

Besides, the lawsuit, proceeding to trial after U.S. District Court Judge Phyllis Hamilton denied Ripple’s summary judgment request, focuses on whether XRP qualifies as a security under U.S. securities laws.

Meanwhile, the pivotal issue revolves around Garlinghouse’s 2017 interview statement claiming he was “very, very long” on XRP. However, in the same period, he allegedly sold a substantial amount of the token.

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