Top Gaming Company Embraces XRP Amidst Price Resistance

Republished By Plato

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BitPay, the pioneering crypto payment service provider based in Atlanta, Georgia, has taken another significant step in its collaboration with global video game commerce company, Xsolla, by integrating the XRP token. Today, October 17, BitPay announced via X (formerly Twitter): “Xsolla now accepts XRP with BitPay as a payment method for their games, such as SMITE and Roblox. You can use your favorite cryptocurrency to buy, play, and enjoy gaming like never before.”

Why This Announcement Is Important

This announcement not only cements XRP’s growing relevance in the gaming world but also marks a significant moment in the longstanding partnership between Xsolla and BitPay. This relationship first began in 2014 when Xsolla decided to process Bitcoin (BTC) payments for gamers globally via BitPay. They’ve since expanded their crypto payment offerings, with the recent addition of PayPal USD (PYUSD) last month.

Established in 2005 by Aleksandr Agapitov, Xsolla has positioned itself as an instrumental force in the gaming industry, providing essential tools that help game developers launch, monetize, and distribute their creations on a global scale. With Xsolla’s key focus on aiding its partners to break geographical barriers and bolster revenue streams, the company continually seeks innovative solutions to global game distribution challenges.

Roblox, the popular online gaming platform boasting over 65.5 million daily active users and over 202 million monthly active users, stands out as a significant beneficiary of the XRP integration. Managed by Xsolla for in-game payments, Roblox now allows its vast user base to utilize XRP for transactions, with BitPay ensuring a smooth connection with crypto wallets. Given that Roblox users spent an astonishing $780.7 million on in-game purchases in just the second quarter of 2023, the potential volume of XRP transactions on the platform could be monumental.

Remarkably, BitPay’s association with XRP can be traced back to 2019 when they collaborated with Ripple’s investment wing, Xpring. However, the relationship hit a snag when BitPay, in alignment with many US-based crypto enterprises, ceased XRP-related transactions following the SEC’s lawsuit against Ripple Labs. The tide turned in favor of XRP when Judge Torres identified it as a non-security, prompting BitPay to reintroduce the cryptocurrency on its platform in August.

XRP Price Faces Stiff Resistance

The recent announcement undoubtedly solidifies XRP’s position in the broader market, showcasing its versatility. However, despite the promising long-term prospects stemming from XRP’s new use case, its price is currently contending with multiple key resistance levels.

Following a brief surge yesterday, attributed to the fake news surrounding a potential spot Bitcoin ETF, XRP’s price experienced a pullback, dipping below the $0.50 mark.

On the 4-hour chart, the price slid beneath the 0.618 Fibonacci retracement level, pegged at $0.4908. Yet, it demonstrated resilience, rebounding and securing a close above the 20-EMA. In the more immediate time frame, the 0.5 Fibonacci retracement level, set at $0.5048, now emerges as the pivotal resistance. A sustained close above this threshold on the 4-hour chart might be the catalyst for renewed bullish vigor.

Should this momentum be achieved, the next focal point for the XRP price would be the September high of $0.55. Notably, this price benchmark isn’t just crucial for short-term analysis but also holds significance on larger scales, like the 1-day chart, as reported previously.

Featured image from Umzmancoin, chart from TradingView.com