- TapJets, a Ripple partner, defends the XRP utility in a new court filing.
- The XRP bearish prediction is that XRP can reach $0.4000.
- XRP is currently trading at $0.4687 after a 3.01% decrease in price in the past 24 hours.
Another Ripple partner submitted an amicus brief supporting the business in the SEC dispute. TapJets, a private airline, joined the lawsuit. TapJets used XRP as money to demonstrate its usability and worth. In an amicus brief, the company says that only taking fiat money for airplane cargo slowed operations. TapJets’ amicus brief is similar to one filed by Ripple’s Philippine partner, I-Remit. Both firms say XRP simplifies payments and transactions.
Looking at the 1-hour chart of XRP/USDT shows that XRP has been in sideway since September 22, 2022. The resistance of XRP lies between $0.5618 and $0.5463, and the current support lies between $0.4362 and $0.4513. If XRP breaks the current support and plummets more, it can reach as low as $0.4000. Another possibility is that XRP can reach its current resistance level of $0.5463.
Above is the 1-hour analysis chart of the XRP/USDT. The chart above states that XRP is trading below the 200-moving average. But when we look at the bigger timeframe, such as 4 hours and 1 day, XRP is trading above the 200 moving average in both charts. It indicates that XRP is now having a price retrace after a price surge on September 22, 2022.
When writing, the relative strength index of XRP is 35.41. RSI value below 50 means investors are trying to unload XRP rather than buy. It is more advisable that investors and hodlers need to wait for a few confirmation patterns before considering taking trade for a better risk-to-reward ratio.
At the time of writing, XRP is trading at $0.4687, with a 24-hour trading volume of $1,300,861,344.62. Moreover, XRP has been down by 3.01% in the last 24 hours. As per the data on CoinMarketCap, XRP holds the 6th position with a Market Cap of $23,416,494,330.63.
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