Blockchain-based global payments provider Ripple (XRP) has announced 2 new partnerships. These partnerships include the company’s expansion into the Asian market and involvement in the digital dollar project. So, will the latest developments lead to a rise in the price of XRP, which was traded at very low prices due to the SEC lawsuit?
Ripple has partnered with Btrax Japan
Ripple has announced a strategic partnership with Btrax Japan. Accordingly, it will now provide design services for Web3 startups in Japan using XRP Ledger. In a press release today, Btrax Japan announced that Ripple is now a strategic partner of its Web3 Design Lab, which plans to improve the visibility and reach of Japanese Web3 businesses in the global market. With the partnership, the blockchain company will bring Silicon Valley to projects in Japan.
The press release states that through the partnership, Ripple will expand the use of XRP Ledger in Japan and Asia. In addition, Ripple will support several Japanese startups that provide design services using XRP Ledger. It will also serve as the design partner of these initiatives.
Digital Dollar Project plans to work with Ripple
The Digital Dollar Project (DDP), a nonprofit that advocates for the US central bank digital currency (CBDC), released a press release Wednesday. Accordingly, the project is launching a program at Sandbox to explore technology and policy solutions for the digital dollar.
The organization aims to connect the private and public sectors with the program starting this October. Among the participants of the program, which will take place at the Sandbox, are Ripple, Digital Asset, EMTECH and Knox Networks. Accordingly, it is possible for Ripple to contribute to the US Federal Reserve’s digital dollar project. This has the potential to improve the company’s image in the US as well.
Will the XRP price rise?
As we reported as Kriptokoin.com, the bulls and bears still have not been able to dominate each other in the XRP price. Therefore, there is no big change in the price of the altcoin project yet. In fact, the price of XRP has only increased 0.22% in the last 24 hours. On the local chart, XRP entered a bearish trend after breaking the $0.3287 level. Currently, there is no quick reversal signal as the bulls are not building up enough strength. The decline will stop if a false break occurs at the $0.3199 support level.
On the wider time frame, XRP is returning to support at $0.3199 against higher volume. If the close happens around this mark, the continued decline will soon lead to the $0.3150 zone. On the weekly chart, XRP sits closer to support rather than resistance. This means that there is a greater chance of seeing a decline than local growth. The rally will only happen if the bulls can push the price above the $0.34 mark and fix it there.
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