Ripple scored a second victory.
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Although Ripple has been in trouble with lawsuits recently, the critical period seems to have been over. Ripple has recently been sued not only by the US Securities and Exchange Commission (SEC) , but also by Tetragon Financial and individual investors.
↪️Tetragon Loses Right of Appeal
Tetragon Financial is known as one of Ripple's main investors, and the company was known for filing a lawsuit against Ripple shortly after the SEC case. Ripple, on the other hand, gained his second victory against it in a short time after he stated that he found Tetragon's move unethical. The court ruled on March 5 that Tetragon was not entitled to receive a share payment from Ripple, at least for the time being. Now, the final decision taken by the Delaware Court has led to Tetragon's appeal being dismissed.
The UK-based investment firm owns 2% of Ripple shares. Despite this, the company was the largest contributor to Ripple's recent Series C funding of $ 175 million in funding. Stating that irreversible damage occurred in the value of the shares after the SEC case against Ripple, Tetragon demanded that it be repaid.
↪️Second Victory for Ripple
Tetragon's request to appeal after the first defeat was rejected in a 12-page decision. One of the main reasons Tetragon's appeal was rejected is that the Ripple case has not yet been completed. In addition, Tetragon is stated to have chosen to invest in Ripple, although there were previously risks that Ripple's cryptocurrency XRP could be a security.
It is stated that the final decision in the Tetragon and Ripple case will be made at the hearings to be held between 25 March and 26 March. Of course, a clear verdict from this case will not affect Ripple's original case. In the case filed by the SEC, accepting XRP as a security may allow Tetragon to apply to the court again.
↪️XRP Price Didn't React To This
XRP price, on the other hand, was almost unaffected by this news as of the time this article was written and has risen by 0.8% in the last 24 hours. The 7-day performance of XRP points to a 3% decline. Bitcoin's record rise and XRP's continuing uncertainty regarding the actual case may have also been effective in this decline.