XRP has fallen below Litecoin, losing its place as the fourth-largest crypto by market cap, after major investor, Tetragon Financial Group Ltd, files a new lawsuit against Ripple Labs. XRP is currently trading at $0.22 with a market cap of $10.3 billion while Litecoin has a market cap of $10.8 billion, trading at $161.30 per coin.
According to Bloomberg, Tetragon, the lead investor in Ripple’s $200 million Series C funding in December 2019 has filed a complaint in a sealed filing against the company in the Delaware Chancery Court. Tetragon claims that it is seeking a court to “enforce its contractual right to require Ripple to redeem” Series C preferred stock held by Tetragon. Additionally, the investment company wants the court to prevent Ripple from using any cash or liquid assets until the payment is made.
Ripple said in a statement on its website that the lawsuit had “no merit” since there’s been no determination on whether XRP is an unregistered security or not.
Ripple said, “The courts will provide this clarity and we are very confident in our position.”
Ripple also accused Tetragon of taking advantage of “the lack of regulatory clarity” in the United States by filing the suit against them.
“We are disappointed that Tetragon is seeking to unfairly take advantage of the lack of regulatory clarity here in the U.S.” Said Ripple.
Meanwhile, Stellar (XLM), which is often compared to XRP has exploded and is up nearly 40% over a 24 hour period after The Stellar Development Foundation (SDF) announced a partnership with The Ministry of Digital Transformation of Ukraine to facilitate development of the virtual assets ecosystem.
The Memorandum will enable the SDF to work with the Ministry of Digital Transformation to “develop a modern virtual asset market infrastructure and enhance Ukraine’s status as an innovative digital country in the financial market in Eastern Europe.”
XLM is currently trading at $0.22 with a market cap of $4.7 billion.