In a game-changing move, crypto payments provider BitPay has announced global backing for Ripple’s XRP token. This marks a big milestone in the widespread adoption of XRP.
BitPay users worldwide can now seamlessly use XRP to pay for goods and services, securely store it using self-custody within the BitPay Wallet, and swap the cross-border payments coin.
XRP Gets BitPay Boost
BitPay has informed users on X (previously Twitter) of its full-fledged worldwide support of XRP.
This means all BitPay users can seamlessly spend XRP at global stores supported by BitPay. “Merchants can now accept XRP payments from over 100 wallets,” the press release reads.
At the moment, an exceptional list of at least 30 merchants is coordinating with BitPay to accept XRP. This group includes high-profile brands like AMC Theatres, Hublot, CryptoTurismo PacSun, and even reputable German-based precious metals dealer Auragentum. Notably, neither individuals nor merchants will be required to perform extra actions to start XRP utilization.
Allowing millions of users worldwide to utilize XRP while purchasing goods and services further drives the digital payments landscape as the service offers users and merchants a flexible and efficient means of conducting transactions.
Besides spending XRP, global users can also store and swap the cryptocurrency using the BitPay app.
This announcement comes on the heels of Ripple’s favorable ruling from Judge Analisa Torres after its three-year battle with the US Securities and Exchange Commission (SEC). In her July verdict, the judge declared that sales of the XRP token on exchanges do not constitute investment contracts.
This legal classification has spurred the momentum behind XRP’s incorporation into mainstream commerce, boosting its adoption as a preferred payment method among the aforementioned global merchants cooperating with BitPay.
XRP Primed For Parabolic Rise?
Since tapping $0.93 highs in July, XRP bulls have been unable to push the price higher as bears remain firmly in the driver’s seat. The XRP’s price currently sits at $0.596093, an over 35% decline from the July peak.
Nonetheless, a crypto strategist going by the online moniker DefendDark has set a high target for the fifth-largest crypto. In a recent post on X, the analyst said XRP could soon soar to as high as $3 based on historical trends. However, they expect more pain before the altcoin can rocket.
XRP has garnered substantial attention since the partial court win in July and all of these new interests could catalyze a fresh rally for the token. As the regulatory threat around XRP recedes, the chances of the coin hitting a new all-time high are increasingly higher.