The future of Ripple remains in doubt while this legal suit continues to hang over them. The potential for XRP to explode if the suit is dropped is huge as the price was surging along with the majority of Altcoins before the bad news hit them in December.
An attorney representing Chris Larsen, The co-founder, and executive chairman of XRP has filed a motion to a US federal judge in which he requests the case against him to be dismissed.
The lawyer’s main argument appears to be that the claims against Larsen are barred by the five-year statute of limitations and because of this, the judicial system should be left with no option but to drop all charges.
“Having attempted to plead a single, ongoing violation, however, the SEC has conceded that the entirety of its request for monetary penalties and disgorgement against Mr. Larsen is time-barred. It is now well-settled that the five-year limitations period of 28 U.S.C. § 2462 applies to any SEC claim for monetary relief, including disgorgement,” said the lawyer.
“claim for a Section 5 violation accrues under § 2462 on the date when the relevant sale of securities occurs. Because the SEC has alleged that the sales of XRP over a multi-year period constituted only one offer, which began in 2013, the statute of limitations began to run in 2013 and expired in 2018.”
If this is the case it would appear increasingly more likely that there could be some positive news for XRP just around the corner. Some were predicting understandably that such a case could take a long time to sort out but if it goes beyond the statute of limitations the case can simply just be dropped.
This should be celebrated by the entire community regardless of whether you think XRP is a good project or not as a community legal actions against crypto should be considered a threat for the entire market.
Until we get confirmation of this XRP should still be considered as a risk but you can definitely consider placing it as part of your portfolio.
