Ledger lands a major payments role with Bitget Wallet. Is this the awaited God-candle for XRP? Check the potential impact on this cryptocurrency.
Recently, Ripple captured the spotlight with a new integration. Notably, Bitget Wallet is now supporting the XRP Ledger. This lets Bitget Wallet’s global users interact with the XRP Ledger in a new way when it comes to payments. Having access to the millions of users of Bitget Wallet is a game-changer for XRP. It also opens the door for the retail use of stablecoins. As a result, speculation is rising about a potential XRP price breakout.
A Massive Boost for XRPL Distribution
Bitget Wallet announced that the XRP Ledger is now a key payments partner of theirs. Thanks to this integration, users can send and receive XRP and execute cross-chain swaps in one of the largest non-custodial wallets in crypto. For Ripple’s network, it now has a mass of target users beyond just traders. This gets XRP much closer to its original purpose as a fast and cheap payments system.
Ripple’s stablecoin, RLUSD, is the main component of this expansion. Users now have access to fiat on and off-ramp functionality for RLUSD. This is likely to substantially boost the RLUSD’s usage in the real world as it aims to contend against the larger stablecoins.
Furthermore, Bitget has also said that there are possibilities for XRPL-native card spending. This means XRP could soon be used for everyday transactions. All these factors simply strengthen XRPL’s position within the payments ecosystem.
Potential Impact on the Value of XRP
When it comes to the XRP price, it saw a slight increase after this announcement was made. Notably, CoinMarketCap shows that the value of XRP increased from around $1.30 to over $1.35 in just a few hours. This is a good jump given the fact that Ripple dipped nearly 5% on the one-week chart.
Furthermore, there were other positive developments for XRP as influencer Ali Charts pointed out. According to his X post, over 190 million XRP coins were accumulated by whales over the course of one week. This is seen as a bullish signal as massive accumulations often precede upward movements.
Technical Indicators Paint a Bullish Picture
As the fundamentals are improving, the technical indicators for XRP are also showing bullish signs. Investing.com data points to the 14-day RSI having a value of 58. This indicates that the bullish momentum is currently stronger than the bearish momentum. If the RSI manages to go above 60, the uptrend may be confirmed.
Additionally, the value of 0.005 for MACD (12, 26) is still in the buy zone. This shows a recent bullish crossover, meaning the short term price momentum is positive and just crossed above the zero line.
We still do not know if this will result in a “God-candle” for XRP. However, what we do know for certain is that XRP is being integrated into a much larger payment system. That sort of development for a crypto coin can be the catalyst for the next major breakout.