Ripple eyes Japan with new partnership; What’s next for XRP?

In a significant development for blockchain applications in enterprise finance, Ripple has formed a strategic partnership with HashKey DX, a Tokyo-based consulting firm specializing in blockchain technology. This collaboration aims to deploy XRP Ledger-based solutions to enhance supply chain finance for Japanese enterprises.

Leveraging the XRP Ledger, known for its efficiency and low transaction costs, Ripple and HashKey DX aim to introduce innovative solutions that will address the complexities of enterprise-level financial operations in Japan, particularly in supply chain finance. This comes following HashKey Group’s considerable success in China, where their blockchain solutions significantly boosted trade and financing operations.

The partnership with HashKey DX and SBI Ripple Asia—a joint venture between SBI Holdings and Ripple, aims to roll out new solutions leveraging the XRPL platform. Known for its rapid settlement speeds and low transaction costs, the  platform is ideal for handling the complexities of enterprise-level supply chain finance.

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This move is part of Ripple’s ongoing effort to expand its footprint in the Asian market, with SBI Group companies being the first Japanese corporations to adopt this cutting-edge technology. The collaboration is not just a technological upgrade but also a strategic endeavor to explore further blockchain applications across various enterprise scenarios.

Ripple’s expansion into Japan comes at a critical time for the company, as it faces ongoing regulatory scrutiny in the U.S. Despite these obstacles, the announcement has positively influenced the cryptocurrency market. Ripple’s native token, XRP, experienced an initial spike in value, reflecting the market’s optimism about Ripple’s expansion efforts in Japan, though it has seen a pullback to $0.496 at press time.

What’s next for XRP: Price analysis

XRPUSD YTD price chart. Source. TradingView

Over recent months, XRP/USD has shown significant volatility, characterized by a fluctuating price trajectory and varied momentum signals from the Relative Strength Index (RSI). According to the latest data, XRP’s price has declined by approximately 6.41% from earlier in the year, now trading around $0.494.

XRP confronts several hurdles as it currently trades below several critical exponential moving averages (EMAs)—20, 50, 100, and 200-week EMAs. Moreover, Ripple is set to unlock 1 billion tokens on May 1, valued at about $503.6 million, as part of its monthly sell-offs, which might negatively affect the XRP price in the coming weeks.

The market’s Relative Strength Index (RSI) is near the neutral 50 mark, indicating an equilibrium between buyers and sellers, with the market waiting for a catalyst that could drive the next significant price movement

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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