TapJets files amicus brief in favor of payments giant Ripple

• TapJets, partner at the Blockchain Expo of North America filed an amicus brief in Ripple’s favor, saying that 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 of altcoin, XRP.
• There is an increase in selling pressure on XRP as whales move around 572 million XRP tokens across centralized exchanges.

Within days of Judge Analisa Torres approving the request, Tapjets, a private jet charter company, filed its amicus curiae brief supporting Ripple’s summary judgment against the 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 in North America, officially submitted its amicus curiae brief supporting Ripple’s summary judgment. This strengthened the payment giant’s side in the fight against the American 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 does not work efficiently or shuts down on weekends, XRP is a necessary alternative.

TapJets started accepting XRP for private jet travel bookings and users can instantly book their trips 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 option and uses XRP as an alternative to fiat.

The statement reads:

TapJets calls this the “Friday Night Problem” because the limitations of fiat currency and the banking system become most problematic when a traveler wants to book weekend travel, such as Friday night.

Other cryptocurrencies face the same challenge, but XRP is efficient and offers cheaper transactions, shorter closing times compared to its competitors. TapJets relies on XRP and considers it a reliable payment method many customers prefer.

Based on data from a 2018 Twitter survey, 43% of respondents favored XRP as a fiat alternative over others. The poll received a total of 57,054 votes while the vote was direct, 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 an increase in selling pressure and redistribution of currency balances.

Analysts are convinced that XRP could fall below the $0.486 level and invalidate the bullish thesis.