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Rosen Law Firm announces securities investigation into Ripple and XRP

Anvita M V

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Rosen Law Firm announces securities investigation into Ripple and XRP
Source: Unsplash

On 7th August, a global investor law firm, Rosen Law Firm issued a press release stating that it is investigating Ripple Labs, Inc. and XRP. The firm confirmed that it is inspecting to see if Ripple has violated any federal security laws in association with the sale of XRP tokens. According to reports, Rosen Law Firm is preparing a class action lawsuit, attempting to reclaim damages suffered by investors in XRP tokens.

On June 27, another private XRP investor accused the CEO, Bradley Garlinghouse, and Ripple Labs Inc. of illegally profiting from the increase in the value of the XRP token. Previously, on May 3rd, Taylor-Copeland law, one of the first law firms in California had filed a class action lawsuit against Ripple Labs.

According to reports, the lawsuit targeted Ripple, its wholly owned ancillary XRP II, and Brad Garlinghouse, for the sale of unlisted securities. The firm alleged that Ripple’s sale of the tokens is a violation of U.S. federal securities laws.

Another lawsuit was filed by a Californian resident, David Oconer, in the Superior Court of California, San Mateo County, concerning Ripple and XRP claiming that the company created the XRP token and then used sales of the tokens in order to fund its operations and the development of the XRP ecosystem.

As stated by CNN, the complaint read:

“Ripple’s public commitment to limit the supply of XRP had its intended effect. In the weeks that followed, the price of XRP rapidly increased, from approximately $0.22 per token on December 7, 2017 to $3.38 per token on January 7, 2018,”

Moreover, Oconer claimed that the company had complete hold over the XRP ledger and that the network is not decentralized like Bitcoin or Ethereum.

While these claims of the XRP Ledger being controlled by Ripple have been debunked, many still believe that Ripple is in control of the currency itself. Moreover, Ripple does not utilize the funds gained from the sale of XRP in the secondary market, which removes it from the definition of being a security.





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Anvita Mysore Vadiraj is a full-time content writer at AMBCrypto. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies.

XRP

Ripple’s XRP Ledger Dev Portal unveils updated version of WebSocket API Tool

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Ripple's XRP Ledger Dev Portal unveils updated version of WebSocket API Tool
Source: Pixabay

Ripple XRP Ledger Dev Portal revealed an updated version of the WebSocket API Tool. The latest development in the Ripple ecosystem will enable users to directly communicate with rippled servers, which is responsible for powering the XRP Ledger Network.

An official post detailing the WebSocket update stated that the tool has been incorporated with unique functionalities to the existing tool structure. The “refreshed tool” which was launched as part of the recent site relaunch, allow users to choose which servers to connect, which will include public servers that Ripple operates, XRP Test Net servers or any server that the user locally runs on its computer. This feature is called Server Selector.

The refreshed tool provides options to connect to Ripple’s general-purpose public XRP Ledger servers, full-history public servers, Test Net servers, or to your own server running locally. This list can also change to provide more options in the future.

Another feature incorporated in the latest update is the new Permalink button. The button provides a link wherein users can use to share the current state of their inputs, which includes the request body and the selected server. The official post detailed that the Permalink feature is similar to other web tools such as JSFiddle or CodePen, which “provides a way to prepare a set of inputs and share it with others.”

Another feature is the curl Syntax Button, represented by “>_ ” icon. The button is designed to load a popup with the current inputs of the request box, which is converted into a JSON-RPC call which can be made with the curl utility.

To eliminate simple syntax errors, the upgraded tool has incorporated a feature called Error Highlighting, which as the name suggests, highlights lines with errors by placing red circled X marks.

The Message History Management will display all types of messages in one single stream, which maintains a history of the user’s previous calls until the page is closed or a different server is selected or the history is cleared by selecting the “Clear History” button. The blog further detailed,

“The amount of history the tool keeps at a time isn’t unlimited, which is another change from the previous version. By default, any time the tool receives a new message, it deletes any messages older than the most recent 50, though you can set this to be any amount you like.”





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