- XRP price is teetering on a crucial support barrier at $0.647, a breakdown of which could send it tumbling.
- Ripple’s developer platform RippleX partners with a community-controlled NFT marketplace, Mintable.
- The collaboration will allow XRPL creators to securely and efficiently sell their works.
XRP price is treading dangerously close to a support barrier, a failure to hold above which could lead to a revisit of June 26 and June 27 levels. This pullback is not bearish per se as it allows buyers an opportunity to accumulate, anticipating future gains.
Ripple forays into NFT space
Ripple’s developer arm, RippleX, announced its partnership with Mintable, an NFT marketplace. The collaboration allows developers and creators on the XRP Ledger (XRPL) to leverage the XRP blockchain’s low transaction costs and low power consumption to securely and efficiently sell their works.
With the mainstream media focusing on the Bitcoin miner exodus from China and energy consumption debate, Ripple noted that,
XRPL consumes only about 790,000 KWh per year and is already carbon neutral, which is far more efficient than proof-of-work networks that consume around 66 TWh of energy per year.
NFTs have become a major attraction due to the possibilities they provide and the implications they have on the current state of the art world. With Ethereum blockchain's congestion and high gas fees, NFT boom and adoption have slowed down considerably.
As a result, many alternatives are popping up. Ripple and the XRP blockchain is one such entrant into the NFT space that shows potential, mainly because of the Federated Consensus algorithm, which is the core design of the XRP Ledger.
Further keeping in touch with these points, the blog stated that these concoctions of metrics would allow billions of NFTs to be minted, bought and sustainably transferred on the XRPL.
XRP price explores to form lower low
XRP price has been in a retracement wave after tagging the 70.5% Fibonacci retracement level at $0.704 on June 30. The resulting downswing is currently around the 50% Fibonacci retracement level at $0.647 and looks to slide below it.
If this were to occur, Ripple will likely continue its downswing to tag the support barriers at $0.596 and $581, which constitutes a 10% crash from $0.647.
While an upswing might emerge here, investors should not disregard the possibility of a further descent. However, a resurgence of buyers here will push XRP price to take another jab at the 50% Fibonacci retracement level at $0.647.
A decisive 4-hour candlestick close above this area will open up the path to retest the 70.5% Fibonacci retracement level at $0.704. In a bullish case, the remittance token might shatter the 79% Fibonacci retracement level at $0.727 and tag $0.785.
XRP./USDT 4-hour chart
On the flip side, if the sellers overwhelm the buyers around $0.581, XRP price is likely to bounce off the demand zone, ranging from $0.547 to $0.570.
However, if Ripple breaks down the range low at $0.509, it will invalidate the bullish thesis and trigger a retest of the support level at $0.496.
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
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high
Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines.
TON set to launch synthetic Bitcoin to boost its DeFi solutions
TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.
Maker Price Forecast: MKR could stage 40% rally
MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.
USDT market cap crosses $120 billion as stablecoins continue their uptrend
The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.