Ripple NFT partnership: Here’s what to expect from XRP price
- 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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
