Payments firm Ripple has inked a new partnership with the Tokyo-based arm of HashKey Group in an effort to bring XRP Ledger-based supply chain finance solutions to Japan.

Ripple and HashKey DX, a Japanese consulting company of the HashKey Group, will also work with Japanese financial services giant SBI Holdings, which has been partnered with the San Francisco payments firm on remittances in Japan since 2016.

HashKey Group is a Hong Kong-based Web3 infrastructure developer that reported a valuation of more than $1.2 billion in January, according to a Bloomberg report.

Ripple notes in a new partnership announcement that HashKey has launched blockchain-powered supply chain finance solutions across mainland China, registering 23 banks and 4,300 suppliers.

Now, the payments firm and HashKey DX aim to offer the same solutions in Japan.

Explains Ripple,

“As part of this partnership, SBI Group companies will become the first Japanese corporations to utilize this supply chain finance solution. Looking ahead, the three companies will explore further collaboration on various enterprise blockchain use cases that will leverage the robust capabilities of the XRPL.”

XRP is trading at $0.4975 at time of writing. The eighth-ranked crypto asset by market cap is down nearly 4% in the past 24 hours.

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Generated Image: Midjourney

The cryptocurrency market continues to navigate a period of sluggishness. Yet, a recent whale activity has injected a flicker of hope for XRP, the native token of Ripple. On Tuesday, a significant investor, commonly referred to as a whale, acquired a hefty 23 million XRP, sparking renewed interest in the embattled token.

Whale Movement: A Sign Of Shifting Tides?

The purchase was identified by Whale Alert, a platform that tracks large cryptocurrency transactions. The tokens originated from a Binance exchange wallet, with the recipient address remaining undisclosed. However, the fact that the recipient was a Binance user suggests potential for further trading activity.

This whale movement is seen by some analysts as a potential turning point for XRP. Historically, large-scale purchases by whales have often preceded price surges. However, some experts caution against overinterpretation. Whale activity can be driven by various factors, and a single purchase doesn’t guarantee a sustained upward trend for XRP.

🚨 23,037,429 #XRP (11,550,284 USD) transferred from #Binance to unknown wallethttps://t.co/K00G3Ry7ab

— Whale Alert (@whale_alert) April 29, 2024

Open Interest: A Mixed Signal

Adding a layer of complexity is the recent decline in XRP Open Interest (OI). As per data from Coinalyze, XRP OI has dipped by 2.12% over the past 24 hours. Open Interest reflects the total value of outstanding futures contracts for a particular cryptocurrency. A decrease suggests a potential reduction in leveraged positions, which could indicate short-term selling pressure.

However, analysts point out that the perpetual contracts, which constitute the majority of XRP OI, still hold significant weight at over $374 million. A renewed buying spree could trigger a reversal in the Open Interest trend, potentially propelling the price upwards.

Total crypto market cap currently at $2.19 trillion. Chart: TradingView

The Lingering Shadow Of The SEC Lawsuit

It’s impossible to discuss XRP’s future without acknowledging the ongoing legal battle with the US Securities and Exchange Commission (SEC). The lawsuit, which alleges XRP is an unregistered security, has undoubtedly cast a long shadow over the token’s performance.

While the recent “remedies phase” of the lawsuit hints at a potential settlement, investors remain cautious. The final outcome and its timeline are still uncertain, leaving a cloud of ambiguity over XRP’s regulatory status.

XRP Price Outlook: A Glimmer Of Optimism?

Currently, XRP is trading at around $0.50, a significant drop from its all-time high of over $3. The price reflects the broader market slump and the ongoing legal battle.

The recent whale purchase, coupled with ongoing negotiations in the SEC lawsuit, offers a glimmer of hope for XRP bulls. However, a sustained price increase hinges on several factors. A favorable resolution to the lawsuit and a broader market recovery are crucial for XRP to regain its lost ground.

Featured image from Pexels, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

The bullish predictions for the XRP price are back, even with the bulls struggling to push the crypto on a price surge. EGRAG, a cryptocurrency expert, has made one of these positive forecasts, which is that there will be a price spike of tremendous magnitude. According to the analyst’s recent post on social media, XRP could reach the $4 price level over the long term. 

Crypto Analyst Predicts 700% Bullish XRP Price Action

XRP has experienced a small decline in value over the past few days as the entire crypto market consolidates in price action. XRP’s price movement this year has largely left many of its fervent enthusiasts feeling disappointed, particularly considering the fact that it is yet to reach the $1 mark as predicted by many analysts. 

Data from Coinmarketcap shows XRP now finds itself bouncing around at the $0.51 price mark after retesting the $0.435 on April 13. However, according to EGRAG, this is poised to change soon.

EGRAG, known for this very bullish stance on XRP, recently noted in his analysis that the current XRP price movement mimics the 2021 move which saw it breaking as high as $1.8. According to his analysis, EGRAG divided the price outlook into two sections blue and yellow, each depicting mirror images of 2021 price movement. 

#XRP Imitating 2021 – Move:

🔵 Blue Section: The current trajectory suggests a possible reach of $1.4 by June-July, a key target. The price range between ($1.2 – $1.8) is a plausible target.

🟡 Yellow Section: Aiming for $4 is feasible if we follow a similar path to 2021.… pic.twitter.com/BMUJSbb5GQ

— EGRAG CRYPTO (@egragcrypto) April 25, 2024

The blue section is more of a narrow price trajectory which suggests that XRP could reach $1.4 by June or July, with a price range between $1.2 to $1.8. Meanwhile, the yellow section is a more bullish price trajectory. According to the analyst, XRP could reach the $4 price level by June or July if it follows the yellow section of 2021’s movement. Interestingly, a surge to the $4 price level would put the price of XRP at a new all-time high.

What’s Next For XRP?

EGRAG is one of the many crypto analysts who are still bullish on XRP’s price trajectory. His long-term price projection for XRP is $27, which he believes is still viable. At the time of writing, XRP is trading at $0.5148, down by 16.8% in the past 30 days.

This means in order to reach $4 in July, the bulls will have to push the crypto on a 677% increase in less than three months. Although the volatile nature of cryptocurrencies suggests this price run is possible, current market dynamics point to modest XRP price gains at best. 

On the other hand, on-chain metrics have revealed that a bullish sentiment might be returning to XRP. Notably, the amount of XRP wallets holding at least 1 million coins has been surging recently, which could be a signal of a coming price surge. 

XRP at $0.51 | Source: XRPUSDT on Tradingview.com

Featured image from Coinpedia, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.