- Japan's SBI Group has announced the acceptance of XRP payments, making Ripple mainstream.
- Investors fear a continuation of the XRP downtrend as the altcoin plummets below its point of control at $0.62.
- After selling pressure on the altcoin eases, analysts predict a short-term recovery in XRP price.
Japan’s SBI Holdings, a financial services company group, based in Tokyo, has made a move to make Ripple mainstream. XRP payments are now accepted by SBI Motor Japan, a part of a leading Japanese conglomerate.
XRP could begin recovery with major push in adoption
SBI Africa’s cross-border e-commerce platform SBI Motor Japan has started accepting cryptocurrency payments in Ripple and Bitcoin. The e-commerce platform announced that XRP and BTC will now be accepted payment methods, making SBI Motor Japan the first platform in the country to adopt Ripple.
The announcement reads:
Crypto asset remittances use the blockchain (distributed ledger), so even if the banking system stops functioning, as long as the Internet is operational, remittances can continue to be used without being affected by the failure of an exchange, etc.
Despite the ongoing SEC v. Ripple lawsuit, the SBI Group has played a key role in expanding XRP’s utility, embracing payments in the altcoin and driving its adoption globally. The Securities & Exchange Commission has charged Ripple and co-founders Chris Larsen and Brad Garlinghouse with a $1.3 billion unregistered securities offering through XRP sale.
The SEC’s stance is that XRP is an unregistered security, however SBI Holdings, the Japanese conglomerate group, has a different opinion. Accepting XRP payments, the group considers Ripple a digital asset and not a security.
The Japanese conglomerate group’s SBI Motor wing exports over 5,000 vehicles every year to markets in Tanzania, Kenya, Zambia, Ireland, Cayman Islands, Bahamas, the Caribbean and African countries.
The SBI Group is a key partner of global payments giant Ripple. The company has announced several initiatives like offering eligible shareholders free XRP rewards and dividends every year through a program that was first launched in August 2019.
Analysts have evaluated the XRP price trend and believe the altcoin is close to a bottom. @egragcrypto, an analyst and trader, argues the $0.50 range has acted as a critical level and could be the altcoin’s potential bottom. Since 2018, the $0.50 level has played a pivotal role over nine times, acting as resistance or support.
#XRP 0.50 Cents is a Brick Wall, it will be hard to be broken.
— EGRAG CRYPTO (@egragcrypto) May 8, 2022
Time for a Price Thread to understand the possibility & probability of 0.50 cent Range is our potential bottom.#XRP on the D 0.50 cents played more than 9 times a pivotal role, as resistance & Support(1/5) pic.twitter.com/YsZVAs6SqC
The analyst observed the two-month XRP price chart and noted a cup-and-handle formation with the edge of the handle’s confluence at $0.50. This implies this level is Ripple’s potential bottom and a strong entry point for traders.
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
Crypto Today: Cardano, XLM, FLOKI lead $3.1 trillion rally, Russia bans crypto mining, Bitcoin eyes $95K
Cardano (ADA) price action ADA’s ongoing rally has been attributed to rumors that the Trump administration could collaborate with the Cardano network to build a blockchain voting system.
Trump administration allegedly seeks to create new crypto position in White House
President-elect Donald Trump and his team are reportedly seeking to introduce a new White House position for crypto policy, Bloomberg reported on Wednesday.
Solana Price Forecast: Traders move 6.7B SOL as bulls target all-time highs
Solana price has succumbed to a 7% dip after rejecting the $250 resistance on Monday. Negative shifts in vital trading indicators suggest bears could delay the all-time high breakout target.
FLOKI to go live on Coinbase few days after the exchange listed PEPE and WIF
Floki Inu (FLOKI) is down 5% on Wednesday following crypto exchange Coinbase's announcement that the token will begin trading on its platform over the next 24 hours.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.