- Ripple has been sued, this time by Tyler Toomey on behalf of himself and others in a similar situation.
- The class action lawsuit states that Ripple sold unregistered XRP security tokens to Florida investors.
- The price of XRP is down 8% in the last 24 hours after the news.
He XRP is having a tough 2021. Ripple was sued by the SEC and now, the platform has come under fire again by another lawsuit, this time from Florida for the same reason. XRP is down more than 60% from its 2020 high at $ 0.78.
Ripple faces another lawsuit over illegal sales
The latest class action lawsuit states that Ripple sold illegal securities (XRP) to Florida investors, citing the recent SEC lawsuit. According to the document, the defendants did not provide Florida investors with the required information about XRP.
The plaintiff is Tyler Toomey, a Florida citizen, who purchased 135 XRP on November 24, 2020 for $ 97.8. Toomey had to sell some of its holdings at a loss after the price of XRP plummeted. Despite the small investment, the class action lawsuit is perfectly valid and could result in a trial by jury, seeking injunctive relief.
XRP price can’t take a breather and is ready for a 30% downward move
XRP broke bearish from a descending triangle pattern on the 12-hour chart, which had a long-term price target of $ 0.19. It seems that the recent announcement about another lawsuit and the general sell-off of the market has driven XRP lower.
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