XRP Price Edges Up As Ripple Forms Major Partnership In Japan

Ripple
has

announced
a
major
partnership
with
Tokyo-based
HashKey
DX,
a
consulting
company
of
the
HashKey
Group,
to
deploy
XRP
Ledger
(XRPL)-powered
enterprise
solutions
in
Japan’s
burgeoning
blockchain
sector.
The
announcement
led
to
an
immediate
1.9%
increase
in
XRP’s
price,
although
this
gain
was
slightly
pared
back;
as
of
the
latest
data,
XRP
stands
1.1%
higher
since
the
news
broke.

The
Ripple
And
HashKey
Partnership:
Details

The
collaboration
leverages
the
substantial
success
HashKey
Group
has
seen
in
mainland
China.

HashKey‘s
blockchain-powered
solutions
for
supply
chain
finance
have
registered
over
4,000
companies,
including
23
banks
and
4,300
suppliers.
The
total
transaction
volume
through
these
solutions
has
exceeded
$7
billion,
with
almost
$3
billion
in
financing
transactions.

In
Japan,
these
blockchain
solutions
will
be
adapted
and
deployed
through
a
partnership
involving
Ripple
and

SBI
Ripple
Asia,
a
joint
venture
between
SBI
Holdings
and
Ripple.
The
XRPL
will
be
the
foundational
technology
platform.
This
blockchain
specializes
in
tokenizing
and
exchanging
both
crypto-native
and
real-world
assets.

Andy
Dan,
a
representative
from
HashKey
DX,
highlighted
the
efficiency
and
suitability
of
XRPL
for
their
needs,
stating,
“The
XRPL
was
the
ideal
blockchain
infrastructure
for
us
to
build
our
proven
supply
chain
finance
solution.
With
its
proven
enterprise
track
record
and
unmatched
performance
metrics,
including
rapid
settlement
speeds,
low
costs,
and
scalability,
we
are
confident
in
our
ability
to
drive
meaningful
transformation
and
introduce
innovative,
cutting-edge
solutions
for
businesses
in
Japan.”

Emi
Yoshikawa,
Vice
President
of
Strategic
Initiatives
at
Ripple,
echoed
this
enthusiasm
for
the
partnership:
“We
are
excited
to
join
forces
with
HashKey
DX
and
SBI
Ripple
Asia
to
introduce

XRP
Ledger-powered
solutions
to
Japan.
This
collaboration
exemplifies
our
shared
commitment
to
advancing
blockchain
technology
and
delivering
tangible
value
to
businesses.”

XRP
Price
Analysis

The
initial
spike
in
XRP’s
price
post-announcement
reflects
the
market’s
optimistic
reception
of
Ripple’s
strategic
moves.
However,
the
broader
price
action
context
reveals
more
complexity.

Over
recent
weeks,
XRP
has
experienced
volatility,
notably
breaking
down
from
a
symmetrical
triangle
pattern
on
the
weekly
chart
that
began
forming
in
September
2021.
This
pattern
typically
indicates
a
period
of
consolidation,
with
the
eventual
breakout
direction
suggesting
the
prevailing
market
force.

Currently,
the
breakdown
suggests
that
sellers
have
gained
the
upper
hand,
with
the
triangle
now
acting
as
a
resistance
zone.
XRP
faces
multiple
hurdles
ahead
as
it
is
currently
trading
below
several
critical
exponential
moving
averages
(EMAs)
–
20,
50,
100,
and
200-week
EMAs,
all
nested
within
the
former
triangle
pattern.
This
setup
presents
significant
resistance
levels
that
need
to
be
overcome
for
bullish
momentum
to
resume.

The
Relative
Strength
Index
(RSI),
currently
at
49,
hovers
near
the
neutral
50
mark,
indicating
that
neither
bulls
nor
bears
have
definitive
control.
This
neutral
position
underlines
the
market’s
current
uncertainty,
waiting
for
a
catalyst
that
could
drive
the
next
significant
price
movement.

Should
the
bulls
regain
control
and
push
the
price
above
the
triangle’s
resistance,
the
0.236
Fibonacci
retracement
level
at
$0.68410
could
initiate
a
shift
in
sentiment
and
potentially
more
robust
gains
for
XRP.

Featured
image
created
with
DALL·E,
chart
from
TradingView.com

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