Leading Video Game Company Embraces XRP As Price Faces Key Resistance

Jake Simmons

1 year ago

3 mins read

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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.

[UPDATE; October 18, 2023]: BitPay has deleted its tweet. Roblox has denied that they will use XRP.

Featured image from Umzmancoin, chart from TradingView.com

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

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For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

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