XRP Price: TapJets files amicus brief in favor of payment giant Ripple
- TapJets, partner at Blockchain Expo of North America filed an amicus brief in Ripple’s favor, saying XRP use as an alternative to fiat must be preserved.
- Analysts expect a decline below the $0.486 level, an invalidation for the bullish thesis on the altcoin, XRP.
- There is a spike in selling pressure on XRP as whales move around 572 million XRP tokens across centralized exchanges.
Within days of Judge Analisa Torres’ approval of request, Tapjets a private jet charter company filed its amicus curiae brief supporting Ripple’s summary judgment motion against US regulator SEC.
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Private Jet Charter company comes out in support of Ripple
TapJets, a private jet charter company and partner at Blockchain Expo of North America officially filed its amicus curiae brief supporting Ripple’s summary judgment motion. This strengthened the payment giant’s side in its fight against the US regulator, the Securities and Exchange Commission (SEC).
TapJets has called to preserve the use of XRP as a fiat alternative token. In its brief, the private jet firm notes that when the traditional banking system fails to function effectively or goes out of service during weekends, XRP is a necessary alternative.
TapJets started accepting XRP for booking private jet travel and users can instantly book their travel through cryptocurrency payments. Users face unprecedented delays in the traditional banking system and rely on cryptocurrencies to get the job done, as a fiat alternative. TapJets filing supports this alternative and uses XRP as an alternative to fiat.
The statement reads:
TapJets calls this the ‘Friday Night Problem’ because the limitations in fiat currency and the banking system become most problematic when a traveler wishes to book weekend travel, such as on Friday night.
Other cryptocurrencies tackle the same challenge, however XRP is effective and offers cheaper transactions, shorter finality time, compared to its competitors. TapJets relies on XRP and considers it a trusted payment method many customers prefer.
Based on data from a 2018 Twitter poll, 43% of the respondents favored XRP as a fiat alternative over others. The poll received a total of 57,054 votes while the poll was live, with an overwhelming majority, 43.9% of the votes were in favor of XRP.
Whale movement and XRP price analysis
Whales moved 572 million XRP tokens across major cryptocurrency exchanges, Binance, Coinbase and Huobi. This movement of XRP indicates a spike in selling pressure and redistribution of exchange balances.
Analysts are convinced that XRP could decline below the $0.486 level and invalidate the bullish thesis.
$XRP sat at key support. nice tight invalidation for bulls pic.twitter.com/2b0XuEx2lo
— TraderSZ (@trader1sz) October 15, 2022
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
