New Highs Seem Imminent For XRP Price As Ripple Fosters Massive Adoption Push In Asia

XRP, like most crypto space assets, has been experiencing the damaging effects of the persistent Crypto Winter. Ripple is especially receiving extra heat by its legal battle with the U.S. SEC, but the asset has held up quite well.

Nonetheless, XRP appears to have soared past a significant support level by the recent trend of bullishness. This promising development comes at a time when Ripple recently entered into a partnership with a Web3 firm to boost Metaverse adoption in Japan.

btrax Inc. partners with Ripple in its Web3 Design Lab project 

San Francisco-based design agency btrax Inc. recently announced the launch of its “Web3 Design Lab” service. The project seeks to create an enabling infrastructure for companies in Japan in their Web3 business developments. To facilitate this recently-introduced service, btrax will establish a partnership with Ripple Labs. Notwithstanding, this has had little effect on the price of XRP.

The Web3 Design Lab from btrax will be powered by Ripple’s XRP Ledger (XRPL). Consequently, the firm has chosen Ripple as its official partner in the project. “This strategic partnership is a testament to the robustness of the XRPL to support the acceleration of Web3 projects in the global marketplace,” VP of Strategy and Operations at Ripple Labs, Emi Yoshikawa, said, speaking on the partnership.

According to the announcement, btrax said it would offer three services through the project to Japanese companies. The services include Web3 Research and Report, a Web3 Bootcamp, and a Web3 Design Service.

XRP breaks above $0.35

Despite news of the recent partnership, XRP has been underperforming in tandem with most assets. The asset has, however, made some unique bullish movements of late. XRP appears to have soared above the significant support at $0.33 and currently trades at $0.353, which has historically been a pivotal point for the asset’s run.

Since falling from $0.89 in March, XRP has seen a free fall that has broken below several purported supports. The support at $0.40 fell in June when the current bear market was at its most brutal. Despite major comebacks that have ensued since then, XRP has only touched $0.40 once since the fall in June.

The support at $0.33 is the latest in line to fall to the attacks of the bears. Federal Reserve Chair Jerome Powell’s August 26 speech did not particularly help in XRP’s fight. As the markets plummeted, XRP fell below $0.33 on August 28 for the first time in the month.

Since then, the asset has struggled to keep its dome above the $0.33 level. The bearishness spilt to September. At the time of reporting, XRP trades at $0.35, with a gain in value up to 5.61% in the past 24 hours.

Related Posts

Bitcoin price slips under $19K as official data confirms US recession

Politicians continue to argue about whether the U.S. economy is in recession, even as data highlights two consecutive quarters of negative growth. Meanwhile, BTC holds $19,000, for…

This altcoin exploded 120%, will it continue to rise in October? Analysts take

Terra Classic’s (LUNC) over 100 percent rally in September has forced analysts to look into how October could be for the cryptocurrency. The recent 1.2 percent burn…

Shiba Inu biggest position for Ethereum whales holding more than $139M – Will SHIB price explode?

Ethereum Whales double down on Shiba Inu buying despite the crypto winter encouraged by discounted prices and the Impressive growth of the Shiba Inu ecosystem driving up…

Hong Kong Protects Local Currency in Forex Market Amid Capital Flight to US Dollar

Following the Bank of England explaining that it would be meddling in U.K. bond markets and the Bank of Japan defending the yen in the foreign exchange…

Biggest Movers: SOL Moves Towards $35.00, XMR Extends Recent Gains

Solana rose for a second straight day on Thursday, as the token moved closer to its long-term resistance point of $35.00. Monero was also in the green…

Bitcoin Mining Industry Reveals Mergers, Hashrate Increases, and New Facilities Amid Market Downturn

While bitcoin is down more than 72% from the crypto asset’s all-time high, bitcoin mining operations are expanding at a rapid pace during the downturn. On Tuesday,…

Generated by Feedzy