• Ripple X has announced the launch of a fund to support the development of NFTs on the network. 
  • Ripple's On-Demand Liquidity (ODL) corridor has posted a 130% growth over the past quarter and 2400% growth over the past year. 
  • XRP Ledger runs through an XLS-20 standard that will seamlessly power a platform with NFT functionality. 

The global payments giant has revealed plans to get into NFTs and boost the utility of XRP Ledger native tokens. Ripple Ledger has the features to power NFT functionality on it. 

Ripple jumps on the NFT wagon

XRP Ledger is evolving into an NFT platform. Proponents have noted that the XRP Ledger has features that support NFT functionality. The platform was launched in 2012, and evolving to power NFTs is a key milestone. 

The platform runs on XLS-20, a standard that will power seamless functionality for NFTs. The standard is yet to receive the community's approval. Once approved, RippleX will support the development of NFTs on its network. 

The payments giant will partner with the Mintable project, the digital item marketplace, to power NFTs. Ripple's On-Demand Liquidity (ODL) corridor has posted 130% quarter-over-quarter growth. Ripple's partnerships in Asia have boosted the utility of XRP, and the platform has grown 2400% over a year. 

Ripple's ODL corridor between Japan and the Philippines is driving the adoption of XRP. 

The volume of daily active addresses is up from 11,300 to 1,42,700. There is over an 11 times increase in the on-chain activity on the XRP network. 

Ethereum's high transaction fees have negatively impacted NFT developers and users on the network. Transaction fees on XRP Ledger are expected to be much lower than ETH, fueling higher adoption of NFTs. 

Proponents consider that XRP price is at a make or break point. Earlier this week, whales moved $14 million worth of XRP tokens from exchanges. Whale movements are indicative of a trend reversal in XRP price. 

FXStreet analysts believe that XRP price will skyrocket to $2. 

 

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: Assessing chances of one last bear market rally for 2022

Bitcoin Weekly Forecast: Assessing chances of one last bear market rally for 2022

Bitcoin price is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

More Bitcoin News

Uniswap price could kick-start a 14% rally if it reclaims this level

Uniswap price could kick-start a 14% rally if it reclaims this level

Uniswap price has been following the broader market bullish cues over the last few days sustaining its rise from 48 hours ago. Although the sentiment seems to have shifted slightly, UNI holders can still book profits if the Decentralized Finance (DeFi) token climbs to this level.

More UniSwap news

ATOM price suggests bears are still in control for these reasons

ATOM price suggests bears are still in control for these reasons

Cosmos price is producing a countertrend rally after suffering a steep decline throughout the month. If market conditions persist, ATOM could wipe out newly established bullish positions. Key levels have been defined to gauge ATOM’s next potential move.

More Cosmos news

Cardano Price Prediction: A new yearly low before the bounce

Cardano Price Prediction: A new yearly low before the bounce

Cardano price has suffered a vicious downtrend move throughout November. Ss price consolidates, the technicals suggest a bounce occurs while on-chain metrics hint that investors are considering securing profits sooner than later.

More Cardano news

Bitcoin: Assessing chances of one last bear market rally for 2022

Bitcoin: Assessing chances of one last bear market rally for 2022

BTC is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

Read full analysis

BTC

ETH

XRP