• 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. 

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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

NEAR protocol could see a rally as it sets out to launch an AI smart contract builder

NEAR protocol could see a rally as it sets out to launch an AI smart contract builder

Near protocol (NEAR) co-founder Illia Polosukhin stated in a social media post on Wednesday plans for NEAR to launch NEAR AI, a user-owned AI system that will allow users to build web3 apps without code on an end-to-end network.

More Near News

US House of Reps passes bill aiming to regulate cryptocurrencies

US House of Reps passes bill aiming to regulate cryptocurrencies

FIT21 bill received massive support as the House of Representatives voted to pass the bill on Wednesday. The White House and US Securities & Exchange Commission (SEC) Chair, Gary Gensler, expressed concerns about the potential impact of the FIT21 bill on investor protections in a statement.

More Cryptocurrencies News

Ethereum bulls await ETF approval as BlackRock, Bitwise, Grayscale submit amended ETH ETF filings

Ethereum bulls await ETF approval as BlackRock, Bitwise, Grayscale submit amended ETH ETF filings

Ethereum (ETH) is trading sideways on Wednesday as BlackRock, Bitwise and Grayscale submitted their amended 19b-4s filings to the Securities & Exchange Commission (SEC). The agency has also begun conversations with issuers on S-1s applications.

More Ethereum News

As Ethereum spot ETF approval nears, these altcoins could explode

As Ethereum spot ETF approval nears, these altcoins could explode

It is not surprising that altcoins related to Bitcoin saw a major rally post-Bitcoin spot ETF approval. Likewise, tokens closely related to Ether could ride the ETF approval wave. Ethereum Classic, Pepe, Floki and other DeFi tokens could gain momentum as the ETH ETF approval deadline nears. 

More Cryptocurrencies News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.

Read full analysis

BTC

ETH

XRP