XRP, since the beginning of this year, has seen major developments that have put the leading altcoin and network in the spotlight of the crypto and financial sector. One of the key developments this year that is taking the wave in the sector is Raktuken Pay’s move to integrate XRP into its payment ecosystem, making a notable step toward mainstream adoption.
Rakuten Pay Move Triggers Fresh Optimism For XRP
In a move that underscores mainstream adoption, Rakuten Pay has integrated XRP into its payment solution. The development demonstrates an increasing effort to connect digital assets with routine transactions, which could allow consumers to make payments more quickly and effectively.
Related Reading: Coinbase Is Pulling Institutional Investors Into XRP And This Is How They’re Doing It
After this integration, Rakuten is now introducing a new bridge between loyalty rewards and digital assets, as its users of Rakuten Wallet can now convert their points into XRP. Such a decision allows millions of users to enter the digital asset industry without making direct fiat transactions by turning ordinary incentives into a doorway for crypto exposure.
According to the report, this conversion will also foster spot trading in-app and spending across +5 million Merchant locations. With 44 million Rakuten Pay users and $23 billion in loyalty points now redeemable for XRP, this integration is one of the biggest retail implementations using XRP as a payment method to date.
Since this move, sentiment around the altcoin has significantly flipped positive. Leading on-chain platform Santiment reported that the asset is seeing its second-highest level of optimistic sentiment on social media in the last 2 years, partly because of the recent integration of XRP with Rakuten.
By integrating the token with a well-known points system, the action demonstrates the expanding trend of integrating blockchain functionality into well-known consumer platforms. Furthermore, it could expand the practical use cases of the altcoin beyond trading and speculation as traditional platforms continue to explore blockchain-based solutions.
A Turnaround In Sight For The Asset
Santiment stated that traders are demonstrating excitement due to the fact that XRP is experiencing further adoption. As the asset finds increasing use cases outside of its traditional role in cross-border payments, adoption is gradually growing around it.
Related Reading: XRP Traders Scale Back Leverage As Ratio Drops On Binance – What This Means
As far as prices go, these events do not typically lead to a major price outbreak instantly. Instead, it is often seen after the initial wave of euphoria when FOMO (Fear of Missing Out) has calmed down, which tends to see the bullish outcome.
XRP investors and traders have been waiting a long time for a turnaround in price action since the altcoin fell from recent highs. Specifically, the asset’s value has declined by approximately-55% over the past 9 months, making one of its steepest drops in years.
With patience after the euphoria subsides, Santiment noted that these types of key integrations with major financial companies offer a clear picture of what drives prices over the long term. In the meantime, this trend may present a good buying opportunity as markets usually move opposite to the direction the crowds lean.
Featured image from Freepik, chart from Tradingview.com
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