Japan’s SBI Group brought XRP to the mainstream, will XRP be bullish?

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XRP XRP/USD is a cryptocurrency that allows users to send money at a low cost and, as such, has attracted the interest of both retail customers and banks.

XRP is a cryptocurrency that runs on the XRP ledger, which is a blockchain network aimed at providing a convenient way for people to transact money on a global scale with high performance and low costs alongside proven reliability.

Japan’s SBI Group Adoption as a catalyst for growth

Japan’s SBI Group has made an announcement to bring XRP to the mainstream through SBI Africa’s cross-border e-commerce platform, which is known as SBI Motor Japan. 

SBI Motor Japan has started to accept payments in the form of two cryptocurrencies, including Bitcoin BTC/USD and XRP (XRP). 

This makes it one of the first platforms of its kind to accept the XRP cryptocurrency as a form of payment.

Note that SBI is a major Japanese conglomerate whose aforementioned platform provides information on used automobiles to emerging countries on a global scale, alongside facilitating the export of 5,000 vehicles on an annual basis.

The primary target markets include Tanzania, Kenya, Zambia, and other African countries, Ireland, the Cayman Islands, the Bahamas, and even the Caribbean.

As a point of comparison, we analyzed how XRP mimicked the broader market to form a strong bearish trend on March 7, 2022. However, this adoption could lead to an increase in its value.

Should you buy XRP (XRP)?

On May 9, 2022, XRP (XRP) had a value of $0.54177.

xrp usd

In order for us to get a better perspective as to what kind of value point this is for the XRP cryptocurrency, we are going to go over its all-time high value, as well as its performance throughout the previous month. 

When we look at its all-time high value, XRP (XRP) had a value of $3.40 on January 7, 2018. Here we can see that, at its ATH, XRP was $2.85823 higher in value, or by 527%.

However, looking at the performance of XRP (XRP) throughout the previous month, we can see that on April 2, 2022, XRP had its highest point of value at $0.8486. 

Its lowest point was on April 29, when XRP decreased to $0.6047. This marked a decrease in value of $0.2439 or 28%.

With this in mind, we can expect XRP (XRP) to reach a value of $0.95 by the end of May 2022, making it a solid purchase.

The post Japan’s SBI Group brought XRP to the mainstream, will XRP be bullish? appeared first on Invezz.

from Market Analysis – Invezz

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