Privat jet charter company TapJets requested to file an amicus brief that would showcase the utility of XRP

Privat jet charter company TapJets has asked the court to file an amicus brief to land blockchain company Ripple a helping hand in its legal battle with the U.S. Securities and Exchange Commission (SEC).

Ripple vs. SEC: Private Jet Charter Company Wants to Highlight XRP’s Utility

The brief is supposed to shed light on the token’s utility, which has been recognized as unregistered security by the SEC.

TapJets, which accepts XRP in exchange for its services, claims that such a payment option is “vital” since it allows booking flights outside of normal banking hours while not dealing with transaction limitations for transfers via wires. Thus, the company is capable of providing its services in real-time.

In its letter-motion, TapJets insists that it has no financial relationship with the defendants in the case. However, the company does state that it is interested in the litigation outcome since it has invested in the technology.

TapJets claims that its business will suffer losses if XRP gets recognized as a security by the court, which would likely prevent it from using the token. TapJets is the only company that makes it possible to instantly book private jet charter flights. Since the immediacy of services is central to the company’s business model, it needs to continue using the XRP token. I-Remit, a Philippines-based remittance company, also filed an amicus brief to showcase XRP’s utility.

Crypto Community Sees Token’s Price Drop by End of Year

The cryptocurrency community is predicting that the price of the $XRP token will drop by the end of the year, even after it surged over 40% in a month after reports revealed that both Ripple and the U.S. Securities and Exchange Commission (SEC) are looking for a ruling in their long-running legal battle through a so-called summary judgment.

According to CoinMarketCap’s price estimates feature, the cryptocurrency community sees the price drop by 15.5% from its current $0.476 level to around $0.402 by the end of the year. The figure marks a sharp decline from XRP’s current levels and notably suggests that while the token has been rallying, the community sees it as a short-lived rally that will end up undone through a sell-off.

The community’s predictions for the end of October are around $0.42, while for the end of November, the cryptocurrency community sees XRP trade at $0.38, meaning that they see a significant dip before a recovery to close 2022.

The price of XRP has recently surged as both the SEC and Ripple have asked for a swift judgment in the regulator’s case against the fintech firm over its sale of XRP tokens. Both are looking for a summary judgment, according to recently filed documents.

The filings suggest neither party wants the legal action to continue to a full trial. The SEC sued Ripple and two of its executives in 2020, alleging they sold unregistered securities when they issued $1.3 billion worth of XRP tokens. Ripple denies XRP is a security.

Not everyone is bullish on the cryptocurrency, thanks to the perceived end of the legal battle affecting one of its ecosystem’s largest players. A widely-followed cryptocurrency analyst, DonAlt, has earlier this month revealed he sees the price of XRP pull off a massive price rally if the SEC’s lawsuit against Ripple is settled. If Ripple wins, he said, the XRP token is going to “giga moon basically,” and a “lot of people will buy back in.” The analyst expects to sell into that surge.

According to DonAlt, if Bitcoin was “looking solid into $21,000,” he could hold onto his XRP bet until it hits $1, if not $2 or $3” per token.

Ripple settling the lawsuit could lead to an XRP supply shock, presumably leading to a price surge as demand would remain the same while supply plunged. That’s according to legal expert and XRP supporter Jeremy Hogan, who has followed the case.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS