The rate of XRP / USD sank 1% after the defeat of Ripple in the San Francisco court. Ripple Labs got stuck in the lawsuit with rival company R3 Holdco. The latter claims that Ripple Labs could not pay 5 billion XRPs under the partnership agreement, while Ripple accuses the former partner of misrepresenting the facts.
According to Reuters, in September 2016, both companies entered into an agreement under which R3 has the right to purchase up to 5 billion XRP tokens at a price of $0.0085 per token for the entire period from the date of entry into force of the agreements until September 2019. The cost of one XRP token is now $0.78.
R3 accused its opponent of not fulfilling the terms of the contract related to the purchase of XRP tokens. In response, Ripple put forward R3 counter accusations in providing unreliable information about its capabilities, which led to the failure of the company's obligations under the agreement.
According to the claim from Ripple, both companies allegedly entered into a deal to establish a joint venture, within the framework of which they planned to conduct XRP-oriented tests, with the participation of partner banks from the R3 consortium. Ripple also accused R3 of concealing the fact that some of the consortium members, including Goldman Sachs and Banco Santander, planned to withdraw from the group, despite promises to develop XRP.
Ripple quite actively cooperates with credit organizations and large companies. Last year, the management of Santander and American Express announced their intentions to use the XRP tokens.
The cooperation of the crypto community with the regulatory authorities is an inevitable part of the development of the system, says Ripple CEO Brad Garlinghouse. According to the top manager, it is extremely important that the players of the cryptocurrency market understand that they are simply obliged to interact with regulators.
"Certain market players are categorically against working with the government and banking institutions, but Ripple has a different opinion. The blockchain revolution will take place within the system, and not beyond," said the head of Ripple.
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