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Ripple Price Analysis (XRP): $ 250 Million For NFT Development On XRPL

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In recent times, NFTs are the hottest product in the crypto world. Obviously, many networks are taking advantage of the growing trend, including Ripple. Ripple has launched a $ 250 million fund to strengthen the presence of NFTs on its network.

He announced this in his latest Developer Summit. The fund aims to create a hub of brands and stakeholders interested in the possible uses of NFTs through the XRPL platform. The intent is also to create more traffic on the Ripple blockchain.

Ripple On The Wrong Side Of The News

During the year, Ripple was always the subject of negative news that negatively impacted its listing. Take for example the dispute with the SEC that hindered the listing of XRP. However, this has not stopped the blockchain from continuing on its path to bring more and more services to the network.

In September Ripple supported the project with which it wants to bring smart contracts to its XRPL network. Ripple’s CTO wants to use Federated Sidechains to carry out this project. This would lead the developers of the network to be able to launch tokens on the Ripple network and to feed the side chains using XRP or tokens created on the XRPL network.

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Ripple’s bullish phase that started on July 21 culminated in a lateralization of its price. This phase lasted from August until September 20 with a break in the lower limit of lateral movement highlighted with the rectangle. Ripple is gaining 7.63% at the time of writing today, on the back of the rise of the entire crypto market (about 9.28% at the time of writing).

The price bounced off the $ 0.85453 level, which was used as a resistance before the break on August 11th. The hypothesis that arises from the analysis of the RSI is of a possible strength of the movement of the last three days. also the MACD gives a bullish signal with the MACD line crossing the Signal Line.

Breaking the lower limit of lateralization could lead to a new lateralization of the cryptocurrency. The steps that can occur are the breakout of $ 1.06564, lateralization and resistance test at $ 1.28057.

For a look at all of today’s economic events, check out our economic calendar.

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