Japan Is Going In On XRP, But Can This Drive The Price To $10?

Crypto pundit UnknowDLT has revealed that Japan has provided regulatory clarity for XRP, classifying it as a financial instrument. This comes amid predictions about the altcoin’s trajectory, including a possible rally to $10

Japan Classifies XRP Along With Stocks And Bonds

In an X post, the pundit noted that Japan has reclassified crypto assets as financial instruments, meaning that XRP now has the same legal status as a stock or bond. He added that the country with the strictest crypto regulations in the world has just put XRP on par with traditional financial assets

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Amid this development, XRP pundit XRP Update noted that Japan was one of Ripple’s earliest strongholds. The pundit noted that, through its partnership with SBI, the company launched On-Demand Liquidity (ODL), using XRP as a bridge asset to enable real-time cross-border payments and eliminate pre-funding

Since then, XRP has continued to witness massive adoption in Japan. Crypto pundit Xaif recently noted that Japan is tokenizing payments on the XRP Ledger. Specifically, SBI and Tobu Top Tours have partnered to issue prepaid payment tokens on the XRP Ledger, which are tied to the 30 trillion yen market

Furthermore, Japanese crypto firm Rakuten Wallet has listed XRP for its 44 million users. These users will be able to buy XRP with loyalty points and can spend them across the country. This is part of an integration that connects XRP to up to 5 million merchants in the country. As such, XRP continues to see massive adoption in the country amid the token’s reclassification as a financial instrument

A Rally To $13 Still In Play For XRP

Crypto analyst Egrag Crypto has stated that an XRP rally to between $9 and $13 is still in play. He noted that market participants are focused on the descending triangle but are missing the bigger picture. He acknowledged that after 14 months of accumulation, the token formed this descending triangle and broke down as it statistically should

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However, Egrag Crypto said that this breakdown is not a trend failure but rather a liquidity sweep inside a macro uptrend. He added that the real structure is the Bifrost Bridge and that as long as XRP is rising in this macro channel, then the trend is intact. Also, the structure is bullish while the move is unfinished, signaling a further rally to the upside. The analyst stated that triangles are short-term patterns and that channels define cycles

Source: Chart from Egrag Crypto on XAs such, Egrag Crypto is confident that XRP will still rally to as high as $13, with XRP still inside this macro channel. He added that a long accumulation translates to an explosive expansion

At the time of writing, the XRP price is trading at around $1.45, up in the last 24 hours, according to data from CoinMarketCap.

XRP trading at $1.45 on the 1D chart | Source: XRPUSDT on Tradingview.comFeatured image from Adobe Stock, chart from Tradingview.com