For several days, the rising trend in XRP price action has been paused as the cryptocurrency has been unable to maintain its upward march. Although the bulls are fighting to keep the market moving upward, it is clear that they are losing control of the market momentum.
At the moment, Ripple’s XRP Price is trading below the pivot point at $1.20, and more buying interest is needed to affirm a positive mood. It is important for the Ripple price to return to the $1.20 resistance level.
Any further gains over the $1.20 level could lead to the $1.30 resistance level. Higher resistance levels can be found at $1.35, $1.45, and $1.55 if the bulls can put in more effort.
Also Read: Will August 31st be a catalyst for XRP Price?
If the price of XRP continues to fall below $1.20 and $1.15, it will be considered a bear market. Near $1.05, the next significant support, below which the price may test the primary $1.00 level. Further supports are situated at $0.95, $0.85, and $0.75 beneath this.
Fourteen out of 26 technical indicators are flashing buy signals. Also, 13 moving averages are showing bullish signs. The Relative Strength Index is currently near the 40.00 Level.
XRP Proposes Smart Contracts Capability.
There is some hope for XRP if Ripple follows through on its plan for Federated Sidechains on the XRP Ledger, which is gaining traction among investors. The addition of side chains to the XRPL opens up a slew of additional possibilities.
On the XRPL, smart contracts are expected to be enabled. Federated Side Chains’ major goal is to enable developers to create more wonderful features like smart contracts. Furthermore, XRP developers will have the opportunity to run tests on a sidechain while accessing the full capabilities of the XRPL.
XRP Has Great Risk-Reward Ratio, With 10x Price Rise Likely: Macro Guru Raoul Pal
Raoul Pal is saying that global payments asset XRP has a great risk-reward ratio despite a lawsuit filed by the U.S. Securities and Exchange Commission (SEC).
In a new interview on Savvy Finance, the CEO of Real Vision and Global Macro Investor shares why he remains bullish on the crypto asset.
“XRP is a great risk-reward. The lawsuit – we’ve seen every lawsuit, every single one has been fine. Everybody’s actually cleared up after the event anyway and these events were a while ago. Bitmex, that’s happening, we’re going to see all of these, so I think it’s going to be a slap on the wrist that it could look like a security, there’ll be no admission of guilt on either side, there’ll be a payment of a fine and then XRP is free to run.”
The former Goldman Sachs executive also identifies factors that will help drive up the price of the coin.
“What’s interesting about XRP is there is quite a lot of use cases. Now, I know the bunch of Bitcoin people hate it– it’s not decentralized enough, I don’t care. Are people using it? Yes, a lot more than most people realize, and what’s amazing about this setup is you can’t buy on any of the exchanges and it’s not in the Bitwise ETF.
“The Bitwise ETF is now a billion of the Bitwise index. The top 10 index is a billion dollars, so the moment XRP is free, they have to buy a few hundred million dollars in it as everybody else can because the exchanges will have it back, so you’re setting up for a hell of a nice run if this clears up.”
Pal says it is still worth betting on XRP despite the possibility of Ripple losing in its legal battle with regulators.
“Worst case it doesn’t? Worst case is, let’s say, 50% downside, best case is 10x from here, so I’ll take a 50 to 1 risk-reward for the next three to six months.”
RippleX Grants $2 Million to Promote NFT Solutions on the XRP Ledge
Ripple may not be the most beloved company in the crypto-verse, but its perseverance and desire to grow despite setbacks is something to be recognized. RippleX, Ripple’s branch focused on boosting the development of technologies around the XRP Ledger, has recently announced its first wave of XRPL grants, and it is embracing the NFT mania.
According to an official announcement, RippleX distributed $2 million in total value among 25 chosen applicants from 10 different countries.
NFTs Are The New Battlefront For Ripple’s XRP Army
The main focus of the applications was the development of open-source projects dealing with NFTs on the XRP Ledger or XRPL.
XRPL encompasses everything we currently consider the XRP ecosystem and is an evolution of the former Ripple Consensus Ledger (RCL). Ripple’s former products, xRapid, xCurrent, and xVia, were, in turn, merged into what is now known as the RippleNet, quickly gathering over 200 customers by 2019.
Although Ripple’s focus point has for long been to offer a fast and cheap payment network, it seems that developers are looking for ways to squeeze the potential out of this blockchain and adapt it to the new times. NFTs are an odd use case for the XRP ecosystem, despite their popularity.
RippleX mentions that it received over a hundred proposals but the most interesting ones focused on the following topics:
- The development of NFTs for multiple industries (retail, art, music, sports, digital advertising, and carbon capture).
- Learning tools and platforms to build on and interact with the XRPL
- Data visualization tools
- Payment and security solutions
In the case of implementing compatibility with NFTs, XRPL could considerably increase its user base and could even start serving certain enterprise customers in strategic areas such as identity digitization, advertising models, supply chain, etc.
The Chosen Ones
These were the chosen projects. Each one received a different amount of money:
Aquarelle: This project seeks to build a metaverse on the XRP Ledger. The project aims to create an open-source NFT library, a web-based NFT marketplace, and a WebGL 3D virtual gallery to showcase and interact with NFTs.
Aquarelle is based in Australia but hopes to interact with content creators primarily from India.
Anchain.AI – CISO™ Integration for the XRPL: This project focuses on using NFTs in cybersecurity to develop artificial intelligence used by governments for compliance solutions. AnChain is based in the United States.
Bithompt: An XRPL explorer and toolkit that will be updated to have compatibility with NFTs. Bithomp is located in Sweeden.
CarbonLand Trust ESG NFTs = CO2 Bonds + Forest Conservation: A project that seeks to create NFTs that represent rights on future carbon credits. It is based in the United States.
Clever.Gallery: An NFT gallery and marketplace with NFT explorer functionality. It is based in the USA.
CryptoIso20022 Interop: A startup that seeks to automate the transformation of fiat to crypto payments. It is located in Switzerland.
Cryptum / Blockforce: This project seeks to develop an API/SDK platform for integrating the XRP Ledger with apps. It is located in Brazil.
DART: A digital art platform compatible with NFT on the Ripple Net. It also uses the XRP token as a means of payment in transactions. It is located in Sweeden.
Galaxy: An advertising platform built on the XRPL. It is located in the UK.
Go4Zerps: A Golang SDK to create applications on the XRP Ledger. It is located in the UK.
Ledger City: A 3d visualization platform compatible with tokens on the XRP Ledger. Located in the USA.
Ledger: An initiative that seeks to create an XRP Ledger analysis tool for research, compliance, and risk management. Located in the Netherlands.
NFT Terrace: A platform that seeks to offer football clubs the ability to create NFTs on XRPL. Located in the UK.
Audiotarky: A Music streaming platform compatible with XRP. It will use the NFTs to distribute revenues. Located in the UK.
Peerkat: An NFT platform built on the XRP Ledger. Located in the UK.
Scratch2Hooks: An initiative of the University of Luxembourg to develop smart contracts for the XRP Ledger. Located in Luxembourg.
Trustline: A startup that uses the Flare Network to transfer products between different blockchains. Located in the USA.
Wallery.me: An NFT marketplace. Located in Switzerland.
Xchange Retail Payments: A DEX / XRP Ledger Gateway. Located in the UK.
xPay: A startup that facilitates XRP transactions through iMessage. Located in the USA.
Node-RED: A Visual programming tool focused on XRPL solutions. Located in the UK
XRPL Rosetta: An XRPL explorer. Located in Chile.
XRP Wallet Tools: a WebApp with support for the creation of NFTs in XRPL. Located in the Philippines.
ZerpCraft: A plugin that will allow the creation of NFTs to represent virtual Real Estate in Minecraft. Located in the USA
XRP & ADA Price Action: Analyst Maps Next Directions for XRP & Cardano Price!
Bitcoin price plunged to $42,732.98 on Saturday, down 3.95% in the last 24 hours. The market cap of the largest cryptocurrency stood at $801.92 billion. Bears have seized the initiative by the end of the week as all of the coins from the top 10 list are in the red zone.
Micheal van de Poppe has updated his forecasts for XRP Price, Cardano Price along with two popular altcoins.
He’s presuming that Cardano is close to bottoming out at this point, at which point we can expect new impulse waves to emerge. The crypto expert claims that ADA Price has breached key price levels, crossing the $1.90 to $2.10 zone.
Van de Poppe then turns his attention to the token’s Bitcoin pair (ADA/BTC), predicting that Cardano might reach new highs.
According to him, we should see some small consolidation, similar to what we saw in April. So there will be some stabilization here before we break resistance, but if we do, he believes we’ll be setting new all-time highs or new highs for Cardano here as well.”
An important price level for XRP Price has also been identified by the trader, which might imply a bullish signal for the crypto market.
He believes that if you want to get into the markets, now is the time to do it because the market has finally bottomed out and is ready for the next impulsive wave.
What is the XRP level of difficulty to crack? It needs to break through the area around $1.05 to be successful. I don’t think we’ll receive it all at once, but I do believe that once it gets through there, all coins will start breaking out left and right. However, on XRP, this is a good candle.”
The widely-followed expert believes that the current downturn is a good time to enter the market, recommending Avalanche (AVAX), Solana (SOL), and Fantom (FTM) as three altcoins to buy now while prices are low.
“Should You Be Getting Interested In The Markets When It’s Approaching Support And When Projects Are Dropping Down By About Like 35% To 45%? Yes, Of Course. When You Get Towards The Support, People Will Ultimately Become Quite Bearish And They Are Only Expecting Further Downward Momentum. That Is The Moment That You Want To Get Into The Markets.”
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