XRP price likely to favor bulls as Bitpay, Xsolla join to enable Ripple payments for in-game purchases

XRP price could take off soon, on the back of a new partnership between two renowned companies as they pushed towards global adoption while leveraging the remittance token. 

Also Read: XRP price recovery on the cards as institutions favor Ripple over Litecoin and other altcoins

XRP integration with Roblox likely to spurt Ripple price

XRP will serve as a payment token for one of the biggest games in the market today, Roblox, after a new collaboration between two companies, BitPay and Xsolla.

BitPay, a cryptocurrency payments company, and Xsolla, a firm specializing in the management and facilitation of in-game purchases within the Roblox ecosystem have joined hands to enable the use of XRP in making in-game purchases.

The integration could bode well for XRP price, considering the expansive nature of Roblox’s ecosystem. Specifically, the gaming project boasts more than 200 million in monthly active users, with a strong record of accomplishment spending more than $700 million on in-game purchases during the first three months of 2023.

The integration of XRP as a remittance token for the BitPay and Xsolla collaboration is a watershed moment for the cryptocurrency and gaming sectors. It could go a long way in enhancing the standing of XRP in the two industries, while at the same time deepening the existing relationship between Xsolla and BitPay. Notably, the two firms have worked together since 2014.

As regards expanding the crypto and payment landscapes, the integration could be a game changer for the Roblox gaming ecosystem considering its large, expanding user base and significant in-game spending.

BitPay re-engaging with XRP also indicates a more favorable legal climate for the payments token, after its break due to the lawsuit against the United States Securities and Exchange Commission (SEC). With this, many stakeholders are likely to benefit, with the integration potentially accelerating the adoption of crypto in the gaming ecosystem.

Notably, it comes only days after Ferrari adopted XRP among two other cryptocurrencies, Bitcoin and Ether, as an accepted mode of payment.

The integrations highlight how firms favor XRP over other payment tokens, including but not limited to Bitcoin Cash (BCH), Dogecoin (DOGE), Binance Coin (BNB), and Monero (XMR) for payments.

Technical Outlook for Ripple price as XRP scratches for momentum

XRP price remains without directional bias on lower timeframes, moving horizontally while trapped within a fixed range extending from $0.4735 to $0.5392. Technical indicators still favor the downside, with the Relative Strength Index showing weakness below the 50 level. The Awesome Oscillator (AO) indicators are also in the negative zone, adding credence to the downside.

With this outlook, Ripple price is likely to drop towards the lower boundary of the range at $0.4735. In the dire case, the slump could extend if critical support at $0.4439 is lost. A decisive daily candlestick close below this level would potentially begin a new downtrend.

XRP/USDT 1-day chart

Conversely, increased buyer momentum could see Ripple price break out from the consolidation, shattering the $0.5392 barrier before reaching the $0.5705 resistance level. A break and close above this level would set the tone for XRP to target the $0.6500 psychological level. A solid move above the aforementioned range would bring the $0.7500 in sight.