• 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

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Why Polygon’s MATIC bulls could be too eager and drop the ball on this rally

Why Polygon’s MATIC bulls could be too eager and drop the ball on this rally

Polygon (MATIC) price action has been on treading nervously this week, with weekly earnings switching back and forth between profit and loss. It all comes down to trading this Friday to see if bulls can eke out a winning week.

More Polygon News

How can traders squeeze in more gains as Shiba Inu price teases a 42% rally

How can traders squeeze in more gains as Shiba Inu price teases a 42% rally

Shiba Inu price positively reacted to the United States inflation report, forming a bullish candle on its daily chart. The second-largest meme coin brushed shoulders with $0.00001287 but pulled back to test support highlighted by the 100-day Simple Moving Average (SMA) at $0.00001170.

More Shiba Inu News

CRO price sees bulls using their last ammunition to attack $0.16

CRO price sees bulls using their last ammunition to attack $0.16

Crypto.com Coin (CRO) price action is looking to execute a bullish breakout above $0.16. Ignorant bulls will try to be part of that rally, but that could prove a big mistake as a few risks need to be taken into account to be sure that this rally still has legs.

More Crypto.com News

Solana traders’ focus on $58 as the rally starts to slow down

Solana traders’ focus on $58 as the rally starts to slow down

Solana (SOL) price action is set to close out the week with a mere 7% gain depending on where it ends  Friday evening after the US closing bell. Overall it has been a good trading week from a fundamental perspective and technicals in a supporting role.

More Solana News

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP