BitPay, the pioneering crypto cost service supplier primarily based in Atlanta, Georgia, has taken one other important step in its collaboration with international online game commerce firm, Xsolla, by integrating the XRP token. Today, October 17, BitPay announced by way of X (previously Twitter): “Xsolla now accepts XRP with BitPay as a payment method for their games, such as SMITE and Roblox. You can use your favorite cryptocurrency to buy, play, and enjoy gaming like never before.”
Why This Announcement Is Important
This announcement not solely cements XRP’s rising relevance within the gaming world but in addition marks a big second within the longstanding partnership between Xsolla and BitPay. This relationship first started in 2014 when Xsolla determined to course of Bitcoin (BTC) funds for avid gamers globally by way of BitPay. They’ve since expanded their crypto cost choices, with the current addition of PayPal USD (PYUSD) final month.
Established in 2005 by Aleksandr Agapitov, Xsolla has positioned itself as an instrumental pressure within the gaming business, offering important instruments that assist sport builders launch, monetize, and distribute their creations on a world scale. With Xsolla’s key give attention to aiding its companions to interrupt geographical obstacles and bolster income streams, the corporate frequently seeks progressive options to international sport distribution challenges.
Roblox, the favored on-line gaming platform boasting over 65.5 million day by day lively customers and over 202 million month-to-month lively customers, stands out as a big beneficiary of the XRP integration. Managed by Xsolla for in-game funds, Roblox now permits its huge person base to make the most of XRP for transactions, with BitPay making certain a clean reference to crypto wallets. Given that Roblox customers spent an astonishing $780.7 million on in-game purchases in simply the second quarter of 2023, the potential quantity of XRP transactions on the platform could possibly be monumental.
Remarkably, BitPay’s affiliation with XRP might be traced again to 2019 once they collaborated with Ripple’s funding wing, Xpring. However, the connection hit a snag when BitPay, in alignment with many US-based crypto enterprises, ceased XRP-related transactions following the SEC’s lawsuit in opposition to Ripple Labs. The tide turned in favor of XRP when Judge Torres identified it as a non-security, prompting BitPay to reintroduce the cryptocurrency on its platform in August.
XRP Price Faces Stiff Resistance
The current announcement undoubtedly solidifies XRP’s place within the broader market, showcasing its versatility. However, regardless of the promising long-term prospects stemming from XRP’s new use case, its value is at the moment contending with a number of key resistance ranges.
Following a short surge yesterday, attributed to the fake news surrounding a possible spot Bitcoin ETF, XRP’s value skilled a pullback, dipping under the $0.50 mark.
On the 4-hour chart, the value slid beneath the 0.618 Fibonacci retracement degree, pegged at $0.4908. Yet, it demonstrated resilience, rebounding and securing an in depth above the 20-EMA. In the extra rapid timeframe, the 0.5 Fibonacci retracement degree, set at $0.5048, now emerges because the pivotal resistance. A sustained shut above this threshold on the 4-hour chart may be the catalyst for renewed bullish vigor.
Should this momentum be achieved, the subsequent focus for the XRP value can be the September excessive of $0.55. Notably, this value benchmark isn’t simply essential for short-term evaluation but in addition holds significance on bigger scales, just like the 1-day chart, as reported beforehand.
Featured picture from Umzmancoin, chart from TradingView.com
