XRP Adoption Expands: BitPay Goes Global With XRP Support

Key Insights:

• BitPay enables global support for XRP, boosting the token’s widespread adoption for purchases, storage, and swaps.
• XRP’s price in a falling wedge near oversold levels, support at $0.54; resistance at $0.72.
• Bitcoin breaks down from descending triangle, support at $28,000; resistance at $31,000.
• Ethereum breaks down from descending triangle, support at $1,755; resistance at $1,915.

Bitcoin, Ethereum and XRP Forecast Video for 17.08.23 by Tim Smith

BitPay, a leading crypto payments service, announced earlier this month global support for Ripple’s XRP (XRP) token, marking a significant step toward widespread adoption of the fifth largest cryptocurrency by market capitalization. Users of BitPay’s services worldwide will now be able to seamlessly utilize XRP for purchases, buying gift cards, and swapping the digital asset. This will allow BitPay customers to leverage XRP’s ecosystem, offering a versatile and efficient payment method for processing and managing transactions.

The move follows a favorable legal outcome last month between Ripple and the U.S. Securities and Exchange Commission (SEC), in which a New York judge ruled that XRP had not violated federal securities law by selling its XRP token on public exchanges and said that that the token was “not necessarily a security on its face.” However, the judge held that Ripple violated federal securities law by selling XRP directly to sophisticated investors.

XRP Adoption Accelerating

The payments provider joins over thirty other leading merchants in accepting XRP. Several other well-known names utilizing the token include AMC Theatres, Hublot, PacSun, CryptoTurismo, and the German precious metals dealer Auragentum. BitPay noted that XRP holders can use any compatible wallet for transactions through BitPay. However, the payments provider recommends opting for established XRP wallets to ensure a smooth payment experience. Smaller niche wallets might be prone to payment errors, potentially disrupting transaction processes, it cautioned.

BitPay’s support for XRP further accelerates the token’s adoption and utility, opening up new avenues for other leading cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH) to increase their market share in global digital payments. Below, we take a closer look at the charts of all three cryptocurrencies.

Technical Analysis:  XRP, Bitcoin and Ethereum

XRP

XRP’s price trades toward the lower section of a falling wedge after encountering resistance from the pattern’s top trendline and 50 SMA. Additionally, the relative strength index (RSI) indicator sits near oversold levels, suggesting short-term bearish sentiment. However, a breakout above the triangle’s upper trendline could reignite bullish momentum and see bulls test overhead resistance at around the $0.72 level. Conversely, further selling could see a retest of longer-term support at $0.54.

Bitcoin

The king’s price has continued to weaken during Thursday’s Asian session, breaking down beneath the lower trending of a descending triangle. Additionally, the sell-off has occurred on lackluster volume, with the RSI now flashing a deep oversold reading. These indicators suggest that bears may be reaching a point of exhaustion. Ongoing selling could see a decline to major support around $28,000. Alternatively, a sudden upside reversal could trigger a short squeeze and test of crucial overhead resistance just above $31,000.

Ethereum

Like Bitcoin, Ethereum’s price has also broken down from a multi-week descending triangle on thin volumes. Moreover, an RSI reading below 25 indicates the intensity of the sell-odd but also increases the probability of a short-term upside retracement. A breakout back above the triangle pattern’s trendline could spark a rally to a key resistance trendline at $1,915. Alternatively, more selling pressure from the bears could lead a decline to major support at $1,755.