Japan’s banking industry sets off a wave of digital transformation
The Japanese financial industry is about to undergo major changes. According to the latest news, nearly 80% of Japanese banks are expected to adopt the $XRP system by 2025. This major change is expected to bring revolutionary changes to cross-border payments, remittances and other financial services, and also symbolizes the widespread application of blockchain technology in the financial industry. Yoshitaka Kitao, CEO of Japanese financial giant SBI Group, expressed strong support for this. He particularly emphasized the huge potential of $XRP in international remittances and pointed out that the "real demand" of the cryptocurrency is a key factor in ensuring long-term success. .
Compared with Bitcoin, Kitao Yoshitaka believes that $XRP has more substantial application value. As the adoption rate of RippleNet continues to increase, and the use of $XRP in cross-border transactions becomes more and more popular, the Japanese banking industry is expected to use this technology to achieve faster and more cost-effective cross-border transactions. This development will not only bring convenience to Japan, which has a large number of foreign workers and migrant workers, but may also become a model for global financial institutions. It is worth noting that as Western countries have begun to adopt Bitcoin and strengthen cryptocurrency regulations, Japan’s move may further promote investment in $XRP from institutional investors and promote the mainstreaming of blockchain financial solutions.
$XRP market faces an important turning point
The $XRP price currently stands at $2.09, with a 24-hour increase of 0.03%, with a market capitalization of $120 billion and daily trading volume of approximately $6.9 billion. Bitcoin price is also hovering near the key weekly support level of $92,000 amid a strengthening overall correction sentiment in the cryptocurrency market. The latest analysis from well-known cryptocurrency analyst Ali Martinez pointed out that the Bollinger Bands on the daily chart of $XRP are contracting, a technical formation that often indicates the possibility of a major price breakout after a period of low volatility.
Source: Ali Martinez Bollinger Bands are contracting on the daily chart of $XRP, suggesting a potential major price breakout.
The $XRP price is currently trading within a triangle consolidation range, with the market observing the price forming a consolidation pattern between two converging trend lines. In theory, this temporary sideways movement should support the market's dominant trend and build momentum for the next leg higher. However, $XRP is currently just 2.3% away from a breakout of support, which could trigger a drop of up to 50% towards the $1 mark. Notably, $XRP’s price correction remains above the 0.382 Fibonacci retracement level on the daily time frame, which typically indicates buyers are still dominating the market.
RSI indicator reveals three key points
Analyst Egrag Crypto posted on the social platform that the monthly relative strength index (RSI) of $XRP is currently at 78.29, showing strong upward momentum. If it can rebound at this position, the RSI may climb to 88 or higher. Three important RSI watch points are highlighted in the analysis: 74, 70 and 65. Among them, 70 is regarded as a key turning point. If it can rebound in this range, it will help maintain the current bull market trend. 65 is regarded as the last line of defense for the bullish market. If RSI does not fall below this level, there is still a chance to resume its upward trend, but if it closes below it, it may mean the end of the current rising cycle.
Source: Egrag Crypto Egrag Crypto specifically marked three important RSI observation points: 74, 70 and 65
Future development prospects and challenges
Experts predict that $XRP has a chance to reach $4 if it can break through resistance levels such as $2.60, $2.65, and $2.75. However, $XRP price has lost 4.88% over the past week, falling back to around $2 from a high of $2.23 at the start of the week. Analyst Egrag Crypto specifically highlighted $2.12 as a key resistance level. If it can close above the 0.236 Fibonacci channel level, it may start a new round of upward trend. At the same time, $1.67 is considered an equilibrium point, providing strong support for the current consolidation stage.
It is worth noting that analysts warned that failure to hold the $2 support level may trigger short momentum and the price may drop to $1.22. However, in the long term, as Ripple continues to expand the functionality of its "On Demand Liquidity" (ODL) network, $XRP's position in the global financial system may be further consolidated, especially as other countries follow Japan's footsteps situation. Such widespread adoption may not only reduce global remittance costs, but is also expected to promote global financial inclusion. While the exact proportion of $XRP adoption by Japanese banks in 2025 remains to be seen, the current trajectory shows that the Japanese financial industry is heading towards a major transformation that could have far-reaching consequences for the global financial system.
"80% of Japanese banks are expected to adopt it? Ripple’s market outlook is bullish: 3 key points to pay attention to. This article was first published in "Crypto City"
