Crypto expert UnknowDLT has revealed that Japan has provided clear regulations for XRPclassifying 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 one X messagethe expert noted that Japan has reclassified crypto assets as financial instruments, meaning XRP now has the same legal status as stocks or bonds. He added that the country has just introduced the strictest crypto regulations in the world XRP up to par with traditional financial assets.
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Amid this development, XRP expert said XRP update noticed that Japan was one of Ripple’s first strongholds. The expert noted that the company, through its partnership with SBI, took off Liquidity on Demand (ODL)using XRP as a bridge asset to enable real-time cross-border payments and eliminate pre-financing.
Since then, XRP has witnessed mass adoption in Japan. Crypto expert Xaif noticed this recently Japan tokenizes payments on the XRP Ledger. Specifically, SBI and Tobu Top Tours are working together to issue prepaid payment tokens the XRP ledgerconnected to the 30 trillion yen market.
Furthermore, Japanese crypto company Rakuten Wallet has XRP listed for its 44 million users. These users can buy XRP with loyalty points and 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 gain mass acceptance in the country, amid the token’s reclassification as a financial instrument.
A rally to $13 is still in play for XRP
Crypto analyst Eggag Crypto has stated that an XRP rally between $9 and $13 is still underway. He noted that market participants are focused on the descending triangle but are missing the bigger picture. He acknowledged that the token formed this after 14 months of accumulation descending triangle and broke down as statistically it should.
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However, Egrag Crypto said that this downturn is not a trend bust, but rather a liquidity move within a macro uptrend. He added that the real structure is the Bifrost Bridge and that as long as XRP is on the rise this macro channelthen the trend is intact. Moreover, the structure is bullish while the move is not yet completed, which is a sign of further upside. The analyst stated that triangles are short-term patterns and that channels define cycles.
As such, Egrag Crypto is confident that XRP will still rise to $13, with XRP still within this macro channel. He added that long accumulation translates into explosive expansion.
At the time of writing, the XRP price is trading around $1.45, up in the past 24 hours, according to facts from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com