BitPay Announces XRP Integration For Merchant Payments

BitPay announces the introduction of XRP for its merchant processing and cross-border payments platform as we are reading further in the XRP news below.

Back in 2019, Xpring which is an initiative launched by Ripple that aims to foster the adoption of XRP ledger technology disclosed a partnership with BitPay which was initially designed to natively support XRP. Now, BitPay announces that the platform will be fully integrating XRP into its platform and the incorporation of the token will enable thousands of global businesses and consumers to pay and to accept XRP through the Atlanta-based payment gateway. The CMO Bill Zielke of BitPay stated:

 “With the addition of XRP, BitPay continues to expand consumers’ ability to transact in the currency of their choice and give merchants new exposure to a large base of loyal XRP users intent on driving real-world adoption.’’

Somewhere along the same lines, Ethan Beard who is the senior VP at Xpring, affirmed that enabling full support for Ripple’s XRP will increase the utility of the token. Beard said:

 “BitPay provides new and practical opportunities for the utility of digital assets. We hope to build upon this progress, to make it easy for everyone to integrate money into their apps. We’re excited to further our partnership with BitPay and enable the use of XRP for everyday purchases, which benefits merchants and consumers alike.’’

Despite the major importance of the announcement, XRP seems to have reached an exhaustion point after the bullish spike recently. Since the start of the year, the price of XPR increased by about 40 percent and the crypto went from trading at a low of $0.185 to a high of $0.255. following the increase, the investors seem to have taken profits which triggered a 12 percent retracement which pushed the price down to $0.224. Since then, Ripple’s cryptocurrency is consolidating through a narrow trading range which is defined by a $0.230 support level and the $0.240 resistance level. Breaking above the zone could determine where the cryptocurrency could be heading next.

Based on the technical indicators, it seems like a correction is coming soon. This index shows a selling signal in the form of a green nine candlestick on the 1-day charts of XRP and if this gets confirmed, a pullback that lasts to four candlesticks could be expected. This bearish impulse will take the coin to the test and will support the 50-day moving average that stands at $0.210.