Ripple, the blockchain based payment protocol is declaring victory against the R3 consortium. The judge in the US state of Delaware threw out the case that was brought against Ripple whereby R3 claims they had the right to buy a large amount of XRP at a predetermined price.

The announcement was made via Twitter by both Ripple and their CEO, Brad Garlinghouse.

R3 was a similar concept of Blockchain based payment solutions for banks and financial institutions. They claim that Ripple violated the agreement that they entered into in September last year. Ripple terminated the agreement recently and claimed that R3 was not bringing the agreed technology to the agreement. They claim that R3 is just trying to capitalise on the rise in the price.

Not So Fast

It seems as if the Ripple CEO may have been a bit too fast out of the gates. They claimed that the case was thrown out by the judge but that appears to be slightly disingenuous. The Judge actually only issued a verbal ruling around the jurisdiction a Delaware judge had over the case. He referred the matter to judges in California and New York.

Hence, the announcement appears to have been premature and will now continue in court houses in these states. Under the terms of the original agreement, Ripple technology (the company) gave R3 the option to purchase up to 5 bln XRP at a price of only 0.85 cents. At the current price of XRP of 26 cents, it is clear why this case is of particular importance to both stakeholders.

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Posted by Editorial Team

Editors at large. Posting the latest news, reviews and analysis to hit the blockchain.