More innovations mean the price of Ripple (XRP) could rise in the coming months. Following positive developments in the regulatory sphere and some high-profile charity work, Ripple investors now have another reason to smile thanks to Bitcoin Superstore. Following a software update, the online retailer announced on August 6 that it will accept XRP payments.
“We are excited to announce our acceptance of Ripple! Customers can now buy from nearly any online retailer with Ripple! What does the XRP community think of our addition,” Bitcoin Superstore tweeted on August 6.
More Ways to Spend XRP
In response to the news, Bitcoin Superstore’s 2,000+ Twitter followers offered a mixture of congratulatory and inquisitive responses.
“Great work! So essentially anything at Walmart, Amazon, Starbucks, etc could now be purchased with XRP through the Bitcoin Superstore platform,” replied @statessupervisch.
Answering the question, Bitcoin Superstore confirmed that users can now pay for goods on Amazon and more than 200,000 online stores using XRP.
“Precisely! Nearly anything you can order online can be purchased with XRP through our company,” Bitcoin Superstore wrote.
As cryptos continue to push for mainstream acceptance, innovations like this are crucial. As Dr Zeynep Guruc has suggested, coins such as XRP need to show their utility and scalability if they want to replace fiats. By providing a way for XRP owners to spend their credits at major outlets, Bitcoin Superstore is helping to fulfil these ideals. In turn, the innovation should bolster the Ripple price rating as we move towards the end of 2018.
Update Could Reverse Ripple Price Slump
Tracking the live Ripple price chart on August 8, the USD value was down 16.12% to $0.34. The recent slump is the continuation of a bearish trend that’s seen the price of XRP fall from its peak $3.71 in January. However, following a host of positive innovations, now could be the time to buy Ripple. Investors typically look to buy during a slump and the XRP price charts would suggest we’re currently on a downswing but with potential to improve. Indeed, Ripple’s chief marketing strategist Cory Johnson recently told Fox News that the company was actively seeking regulation.
This push for regulatory approval in tandem with a recent charity initiative with Madonna should help the crypto’s fortunes in the short term. However, what the partnership with Bitcoin Superstore could do is give Ripple long-term utility. In a recent report on Bitcoin, analysts at Goldman Sachs claimed its future looks uncertain because it doesn’t have any real utility. For consumers, the ability to pay for goods and services using XRP is clearly worth something. Based on this, the price of Ripple could spike as transactions on the virtual store increase.
Although the impact of Bitcoin Superstore’s update might not be reflected in the XRP price charts immediately, there is certainly scope for future gains. If this proves to be the case and the price of Ripple improves, now could be the time to buy XRP.
*Information in this article should not be taken as investment advice.
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