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Ripple (XRP) breaks support as the platform faces lawsuit in Australia

Ripple (XRP) price broke below key short-term support at $0.27 as the sellers assumed control of the price action. In the meantime, the crypto giant is facing a lawsuit in Australia.  Fundamental analysis: Legal troubles for Ripple A large Australian financial services company is pressing charges against the crypto company Ripple Labs on trademark infringement allegations.  The payments firm New Payments Platform Australia (NPPA) said in a court document filed on Friday that Ripple violated Australia’s Trade Marks Act (1995) and the Australian Consumer Law with the improper use of its brand and trademark known as “PayID.” The Australian company

Ripple (XRP) price broke below key short-term support at $0.27 yesterday, as sellers take control

An Australian financial services company is suing Ripple Labs on trademark infringement allegations

XRP/USD has returned higher to the broken support, which now acts as resistance

Ripple (XRP) price broke below key short-term support at $0.27 as the sellers assumed control of the price action. In the meantime, the crypto giant is facing a lawsuit in Australia.

Fundamental analysis: Legal troubles for Ripple

A large Australian financial services company is pressing charges against the crypto company Ripple Labs on trademark infringement allegations.

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The payments firm New Payments Platform Australia (NPPA) said in a court document filed on Friday that Ripple violated Australia’s Trade Marks Act (1995) and the Australian Consumer Law with the improper use of its brand and trademark known as “PayID.”

The Australian company claims that it rolled out its PayID brand in Australia back in 2018 and invested around AU$3.3 million in the advertising campaign and worked on developing the brand ever since.

Adrian Lovney, Chief Executive of NPPA said he noticed that Ripple had rolled out a service very similar to NPPA’s PayID under its Open Payments Coalition (OPC) with 40 partners from around the world, 3 of which are located in Australia – FlashFX, BTC Markets and Independent Reserve, according to the document.

Lovney said that there’s evidence that those three companies “incorrectly…

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