by Lipika Deka
XRP trading volume has surged significantly, this time tapping a new record of $26 billion, an increase of over 500%. Any market that has more volatility typically sees increased trading volumes as seasoned traders buy and sell in bulk to make profits.
Following Ripple’s crucial win agAinst the SEC, XRP’s price was up by more than 20%, making it one of the top gainers in the market on September 29.
After much resistance from the SEC, District Judge Torres recently ordered the agency to provide Ripple with the emails of its former employee, William Hinman.
Ripple General Counsel Stuart Alderoty is hopeful that this sixth decision to provide access to the Hinman documents will be the final one, even if the SEC’s counterpunch is anticipated by many.
Recently, private jet charter company TapJets requested permission from the court to submit an amicus brief in support of blockchain company Ripple in its legal dispute with the U.S. Securities and Exchange Commission.
Firms File Amicus Brief To Defend XRP
The SEC has identified the token as an unregistered security, and the brief is meant to clarify the token’s purpose.
Such a payment option, as per TapJets, which accepts XRP in exchange for its services, is “important” since it enables travelers to book flights outside of regular banking hours without having to worry about wire transfer transaction caps.
TapJets asserts in its letter-motion that it has no business ties to the case’s defendants. The firm does, however, claim that because it has invested in the technology, it has a stake in the litigation’s outcome.
According to TapJets, if the court finds XRP to be a security, it will harm the company’s bottom line and probably restrict it from using the token. The only business that enables fast private jet charter bookings is TapJets.
The organization must continue using the XRP cryptocurrency since the immediate use of services is essential to its business model.
Previously, the Philippines-based remittance startup I-Remit also submitted an amicus brief to demonstrate the value of XRP.
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