After testing support at $0.308 earlier today, XRP has finally reacted to the news that Ripple will be injecting $100 million into blockchain gaming platform Forte via its Xpring product. The asset gained three percent this afternoon after a sudden spike in trading volume.
The collaboration between Xpring and Forte is aimed at developing new ways of using blockchain technology in the $135 billion online gaming industry. Following the announcement, business and finance magazine Forbes published an article on how blockchain is used within the video gaming industry.
“We are thrilled to partner with such a world-class team of game industry veterans. Both Forte and Ripple have a shared belief that blockchain technology will have a massive impact on games”, said Ethan Beard, senior vice president of Xpring.
Ripple’s Xpring Product
Xpring is a relatively new product by Ripple designed to encourage entrepreneurship in the blockchain space. Other than gaming, the product is aimed at supporting blockchain research and development into governance, real estate, trade and finance, and identity investment.
“As one of the few blockchain companies with traction for a non-speculative use case, we feel we’re uniquely positioned to support entrepreneurs in a meaningful way,” states Beard.
XRP Price Movements
Just over an hour ago XRP gained 3 percent in a matter of minutes, reaching a high of almost $0.32 before levelling out. Volume also peaked to almost $100 million before retracing to usual $100k levels. With XRP making up almost 10 percent of the cryptocurrency market, the added investment helped keep the overall market value from dipping below $130 billion again.
Since the flash crash in November last year, the market has struggled to claw it’s way back above significant psychological support levels. After brief dips earlier today, Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and EOS have also experienced minor recoveries but are all still trading slightly in the red over the past 24 hours.