- 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.
Also read: Crypto Twitter’s hunt for the next 1000x altcoin is on
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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Altcoin bull cycle 2023 picks by analyst: Ethereum, ChainLink, Arbitrum, Optimism
Crypto analyst Michaël van de Poppe picked four altcoins for the ongoing bull run, in his recent video on YouTube. The analyst believes these altcoins could outperform other assets and yield gains for traders, alongside Bitcoin price rally to $48,000.
Bitcoin core developer calls Ordinals a “vulnerability” for the BTC blockchain
Bitcoin community on the internet is embroiled in a debate on whether Ordinals are a vulnerability to the BTC blockchain. While Bitcoin core developers consider inscriptions as spam, they are being considered an evolution of the BTC blockchain by others.
Solana continues to see inflows from the Ethereum chain, SOL price sustains above $72
Solana has captivated market participants' attention and attracted capital inflows from the Ethereum chain. SOL is making headlines for airdrops in the Solana ecosystem and the token has yielded double-digit gains for holders in the past week.
MATIC price could face selling pressure from mounting inflow to exchanges
Polygon’s native token MATIC is likely to succumb to selling pressure from rising inflow of the asset to exchanges. Large wallet investors are sending MATIC to Binance and Coinbase, increasing the selling pressure on the asset.
Bitcoin Weekly Forecast: BTC uptrend capped by supply barrier at $43,860 as FOMO fails to suffice
Bitcoin (BTC) price uptrend has sustained since mid-September on the weekly timeframe but has since slowed down following the lack of tailwinds to drive the market. All along, narratives, themes and speculation were the driving factors, inspiring a wave of fear of missing out (FOMO) in the market. As it turns out, FOMO is not enough anymore.