⬆️Ripple entered into a major partnership in Japan, and the price of XRP pumped slightly
Ripple has announced a major partnership with Tokyo-based HashKey DX, a consulting firm owned by the HashKey Group, to deploy XRP Ledger (XRPL)-based enterprise solutions in Japan‘s booming Blockchain space. The announcement resulted in an immediate pump 1.9% increase in the price of XRP, although the pump retreated slightly, and as of the latest data, XRP pump 1.1% since the news broke.
Ripple and HashKey Partnership: Details
This partnership capitalizes on the tremendous success of HashKey Group in mainland China. HashKey‘s Blockchain-based Supply Chain Finance solution has registered more than 4,000 companies, including 23 banks and 4,300 suppliers. The total volume through these solutions has exceeded $7 billion, including nearly $3 billion in financing transactions.
In Japan, these Blockchain solutions will be adapted and deployed through a partnership between Ripple and SBI Ripple Asia, a joint venture between SBI Holdings and Ripple. XRPL will be the foundational technology platform. This Blockchain specializes in the tokenization and of encryption native assets and real-world assets.
🌸Andy Dan, representative of HashKey DX, highlighted the efficiency and applicability of XRPL to their needs, saying, "XRPL is the ideal Blockchain infrastructure for us to build proven Supply Chain finance solutions. With its proven corporate track record and unmatched performance metrics, including fast settlement speed, low cost and scalability, we are confident in our ability to drive meaningful transformation and introduce innovative, cutting-edge solutions to Japanese businesses." ”
Emi Yoshikawa, Vice President of Strategic Initiatives at Ripple, also expressed his enthusiasm for the partnership: "We are excited to join forces with HashKey DX and SBI Ripple Asia to bring XRP Ledger-based solutions to Japan. This partnership reflects our shared commitment to advancing Blockchain technology and providing tangible value to businesses. ”
🍀XRP price analysis
The initial spike in XRP price after the announcement reflects the market‘s optimistic acceptance of Ripple‘s strategic moves. However, the broader price action context reveals longing complexity.
XRP has experienced Fluctuation in recent weeks, particularly breaking out of the symmetrical triangle pattern on the weekly chart that began to form in September 2021. This pattern usually indicates a period of consolidation, with the direction of the eventual breakout indicating the current market forces.
Currently, the breakdown shows that sellers have gained the upper hand and the triangle now acts as a resistance zone. XRP faces longest hurdles in the future as it is currently trading below several key exponential MA (EMAs) – the 20, 50, 100, and 200-week EMAs, all nested within a pre-triangle pattern. This setup presents important resistance level that need to resistance level be overcome in order to restore bullish momentum.
The Relative Strength Index (RSI) is currently at 49, hovering around the neutral 50 mark, suggesting that neither the longest nor the shorts have clear control. This neutral stance highlights the current uncertainty in the market, which is waiting for a catalyst that could drive the next big price move.
If the longest regains control and pushes the price above the triangle resistance level, the 0.236 Fibonacci retracement at $0.68410 could trigger a sentiment shift and could lead to a stronger pump in XRP.
(tv-newsbtc)
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