Home Finance Ripple (XRP) Takes a Major Blow After Losing Bid Against R3 Holdco

Ripple (XRP) Takes a Major Blow After Losing Bid Against R3 Holdco


Ripple (XRP) CEO Brad Garlinghouse showed a lot of optimism for the cryptocurrency’s future when he attended the “Fast Money” show on CNBC, but this doesn’t mean that things are going according to the CEO’s plan. The reason we are saying this is because Ripple (XRP) actually dropped most of its value after losing its bid in the R3 Holdco case.

Fighting Over Ownership

Even though the Ripple (XRP) CEO was more than happy to talk about the good news surrounding the cryptocurrency, he also admitted that his company is fighting over ownership of the XRP token against R3 Holdco. The two companies were disputing to hold this case in California which is Ripple (XRP)’s home turf, but Ripple (XRP) lost the bid.

The Case Is Being Moved to Manhattan

Instead of seeing the case in California, the San Francisco appeals court decided to move it to Manhattan. This is bad news for Ripple (XRP) because Manhattan is the home state of R3 Holdco. Nonetheless, this recent news cause Ripple (XRP) to take a major blow.

Ripple (XRP) Loses Value

Since the cryptocurrency market is heavily swayed by news and rumors, Ripple (XRP) dropped 0.96% of its total value as soon as the news of this dispute being moved to Manhattan came out. Ripple (XRP) is worth $0.786619 as of now and the total market capitalization sits at $30,750,286,954 according to Coinmarketcap.

Possible Amazon Partnership

On another note, rumor has it that Amazon is planning to launch its own cryptocurrency and that Amazon might be looking at Ripple (XRP)’s platform for help. Ripple (XRP) is known for being able to perform international payments in a matter of seconds.

In addition, Ripple (XRP) charges so little that these payments are basically free. Therefore, no one should be surprised if Amazon does actually decide to go with Ripple (XRP). If this partnership solidifies, then Ripple (XRP) might be able to make a comeback.

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