- Ripple has joined hands with Ethereal Labs to bring NFTs to traders worldwide, a web3.0 move.
- The partnership boosts XRP Ledger’s NFT capabilities and establishes Ripple as a proven digital art and collectables platform.
- Analysts have set a bullish target of $0.56 for XRP price in the short term.
Ripple has partnered with Ethereal Labs to boost the platform’s NFT capabilities. Ripple birthed the Creator’s Fund to support digital art on its Ledger, and adding NFT capabilities makes it a complete web3.0 platform.
Also read: Breaking: FTX exchange and FTX US allegedly hacked, uninstall app to protect against malware
Ripple’s latest partnership brings NFT to the masses
Ripple announced a new partnership that could boost the XRP Ledger’s growth in NFT markets. In the past few days, NFTs on Ripple has not performed well. Interestingly, despite the ongoing litigation with US financial regulator Securities and Exchange Commission, Ripple has improved its NFT performance.
The two technology firms will work together to secure more partnerships and boost utility and demand for NFTs on Ripple. Ethereal Labs is a respected player in web3.0 with its projects of virtual artworks for Lionel Messi and Toys R Us among other firms.
Adrian Baschuk, COO of Ethereal Labs believes virtual art has remained a privilege of a select few due to its “siloed” nature. Baschuk argues that Ripple users will soon see customized collections from leading artists.
David Schwartz, CTO at Ripple, hinted at the possibility of FTX employees pursuing a career at the cross-border payment settlement firm. Schwartz made a similar offer to Twitter employees.
SEC v. Ripple case has dragged on for nearly two years now. However, the payment giant has continued exploring new avenues and innovating on XRP Ledger.
Analysts are bullish on XRP price
Analysts evaluated the XRP price chart and predicted a rally in the altcoin. After trading sideways for a long time, XRP could break out to the $0.56 level. If bulls push the XRP price to the $0.50 zone, a run to the $0.56 level is likely.
XRPUSDT price chart
If XRP price nosedives below $0.30, it could invalidate the bullish thesis and trigger a further decline.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Chainlink price still trapped in range despite exhausted macro downtrend
Chainlink (LINK) price is cooking up a recovery rally after exhausting consolidation beneath a macro descending trendline. However, it remains confined within a range in the weekly timeframe, but an opportunity for breaking out could present soon.
Bitcoin SV price rises by 30% in a day as CEO resigns amid controversy
While Bitcoin price might not have been able to note a rise over the past day, its namesake is making the most of the relatively calm market. Bitcoin SV price shot up significantly after a major development in the network’s ecosystem took place over the past few days.
SUI price crashing by 7% sets a precedent for cryptos ahead of $36 million worth of token unlocks
SUI price action fell sharply over the past day, emerging as a leader of the cryptocurrencies witnessing a price fall. This is expected to worsen as token unlocks worth $36 million are scheduled for this week.
Bitcoin price macro outlook remains uncertain, analyst says
Bitcoin (BTC) price is still not in the clear, according to analyst and trader Rekt Capital, who explores the price action on a macro perspective. It comes after the big crypto leaped almost 5%, testing the $28,600 levels before a retraction.
Bitcoin: BTC recovery rally could be bull trap in disguise, here’s why
Bitcoin (BTC) price remains unfazed even after the multiple spot BTC ETF delays from the US Securities & Exchange Commission (SEC). But investors need to be careful with the ongoing BTC rally as it could be a trap for early bulls.