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
Algorand price to rally 20% as ALGO approaches a crucial demand barrier
- Algorand price has slithered lower and looks ready for a retest of the $1.59 to $1.69 support area.
- A bounce from this barrier is likely to propel ALGO by 20% to $2.08.
- A breakdown of the range low at $1.52 will invalidate the bullish thesis.
Algorand price has been on a downtrend for the past four days and has led to a crucial support level. A retest of this barrier could provide the bulls with a necessary oomph to kick-start an upswing.
Algorand price ready for a reversal
Algorand price has dropped 15% over the past four days and is currently hovering above the $1.59 to $1.69 demand zone. Interestingly, this zone is present just above the range low at $1.52. Therefore, investors can expect a trend reversal for the altcoin.
Moreover, a dip into the support area mentioned above will likely replenish the bullish momentum and trigger a potential upswing. After a 15% run-up from $1.69, ALGO will face hindrance around the $1.97 resistance barrier. Clearing this hurdle will push it toward the 50% retracement level at $2.08, constituting a 20% ascent.
While this is a short-term target, if the buying pressure persists, investors can expect Algorand price to retest $2.16, coinciding with the 61.8% Fibonacci retracement level.
ALGO/USDT 4-hour chart
While things are looking up for Algorand price, a breakdown of the $1.59 to $1.69 demand zone will create trouble for the bulls. If the selling pressure continues to build up, causing a 4-hour close below the range low at $1.52, it will invalidate the bullish thesis.
In this case, market participants can expect ALGO to crash 9% to retest the $1.37 support level.
3 Reasons to Buy Algorand
Algorand’s ability to collaborate with other blockchain networks is a key factor investors may be overlooking.
- Algorand’s smart contracts and use cases provide investors with tangible real-world utility.
- The potential of its network provides investors looking for growth-oriented cryptocurrency networks with a key reason to own its digital token, Algo.
- The external collaboration of Algorand’s network is unique, making Algo a cryptocurrency to consider.
Created by Massachusetts Institute of Technology professor Silvio Micali in 2017, Algorand (CRYPTO:ALGO) is a relatively new player on the cryptocurrency scene. Algorand’s main network was made public in mid-2019, giving this cryptocurrency network a total time in the market of only about a year and a half.
Sure, the cryptocurrency world operates at light speed. A year and a half might be a lifetime as far as cryptocurrencies or blockchain networks are concerned. However, the fact that Algo, the native cryptocurrency of the Algorand network, has grown to become a top-25 cryptocurrency by market cap (just under $12 billion at the time of this writing) is impressive.
As with other cryptocurrency networks, Algorand’s purpose is to facilitate efficient and smooth transactions. However, investors note that this network has a number of other features that make it stand out among its cryptocurrency peers.
Let’s dive into a few key reasons cryptocurrency enthusiasts may want to consider owning some Algo right now.
1. Interoperability is increasingly important
Cryptocurrency networks have generally focused on developing unique blockchain networks providing unique benefits to users and investors. The advent of relatively “closed” cryptocurrency ecosystems has forced investors to consider one particular cryptocurrency or blockchain network over another.
In the case of Algorand, a paradigm shift is underway. It is well known for its ability to work across various blockchain networks. That is, developers on Algorand can create digital assets or smart contracts on the blockchain’s Layer-1 network. For reference, a Layer-1 cryptocurrency technology is an actual blockchain, while Layer-2 technologies add an abstract operating model that helps increase the efficiency and scalability of the Layer-1 assets. Algorand’s Layer-1 network provides a blockchain-based ecosystem that allows fungible and non-fungible tokens from other blockchains to communicate with each other.
In other words, Algorand has created a way to launch multichain projects. Developers can build a range of applications that work well across various blockchains. This feature — known as interoperability — allows for a level of connectivity most other blockchains do not have. External collaboration could very well be the future of where blockchain networks are headed. In this regard, Algorand appears to have a leg up on the competition.
For cryptocurrency investors bullish on connectivity within a decentralized space, Algorand’s network is certainly an intriguing option to consider.
2. Smart contracts and use cases provide utility
Among the cryptocurrency networks that are gaining attention right now for their smart contracts and use cases is Algorand. Indeed, the ability for cryptocurrency users to engage in various value-added activities is increasingly important.
Sure, as a store of value, an argument can be made to own and hold cryptocurrency. However, for those looking at cryptocurrency investments as representative of a truly innovative technological shift, Algorand is an intriguing choice.
The Algorand network uses two types of smart contracts to enable transactions without a centralized third party: stateless smart contracts and stateful smart contracts. Stateless smart contracts are among those that investors might already be familiar with. These smart contracts facilitate various transactions to be authorized when certain agreed-upon conditions are met. Stateful smart contracts, on the other hand, are where data can be stored in perpetuity and can be used for broader purposes.
On the basis of these smart contracts, various use cases are possible. These range from stablecoins being launched — USD Coin (CRYPTO:USDC) and Tether (CRYPTO:USDT) are two prominent examples — to non-fungible tokens (NFTs), decentralized finance (DeFi) applications, and a range of other uses.
Algorand is a fast-growing network in this regard, powered by the Algo token. Accordingly, investors in Algo are generally keen on the utility the Algorand network provides relative to its cryptocurrency peers.
3. Algorand’s growth potential is impressive
One of the factors cryptocurrency investors and traders will like with Algo is the positive price momentum it has seen of late. It has been a five-bagger over the past year, and a double-up over the past three months.
This sort of growth has propelled Algorand higher in the cryptocurrency rankings. As a relatively young token, it has the sort of recent momentum that investors banking on future upside potential should appreciate.
One of the key drivers of this momentum over the past year has been Algo’s listing on prominent exchanges. Coinbase Global listed Algo in June of 2020, a move that brought near-immediate credence to this cryptocurrency and its network. Algo prices also spiked higher this week as the leading cryptocurrency exchange in South Korea added support for the Algo/South Korean won trading pair.
As more investors look to build out a more diversified portfolio of cryptocurrency holdings, Algo stands as a large-cap option for those intrigued by what the DeFi world has to offer.
Buying anything because others are doing so isn’t necessarily a smart investing strategy. However, picking high-growth options with strong positive momentum can provide a greater statistical probability of success in the near term. Accordingly, those with short-term investing time frames may want to consider cryptocurrencies like Algo right now.
The bottom line
For hypergrowth investors, finding investments that provide unique competitive advantages and moats is important. In the cryptocurrency world, there is certainly no shortage of such options.
However, Algorand’s unique network provides interoperability along with functionality that is truly enticing.
Of course, like other digital tokens, Algo is not without risk. This token’s value depends upon the market consensus of its value, and the value of the underlying Algorand network. Accordingly, volatility can be expected.
However, those seeking a hypergrowth option in the cryptocurrency space today have reason to consider Algo. This is one of the top cryptocurrencies I’ve got on my watch list right now.
Algorand Price Analysis: ALGO slowly stabilizes above $1.75, consolidation set to continue?
- Algorand price analysis is bearish today.
- ALGO/USD set lower high at $1.90.
- The market continues to consolidate.
Algorand price analysis is bearish today as we expect another higher low to be set later today. Therefore, ALGO/USD should continue moving in an increasingly tighter range over the following days.
The cryptocurrency market has seen bullish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 3 and 3.8 percent, respectively. Meanwhile, Avalanche (AVAX) is among the top performers, with a gain of over 8.5 percent.
Algorand price movement in the last 24 hours: Algorand sets lower high as the consolidation continues
ALGO/USD traded in a range of $1.79 – $1.91, indicating mild volatility over the last 24 hours. Trading volume has declined by almost 60 percent, totaling $650 million, while the total market cap trades around $11.48 billion, ranking the coin in 20th place overall.
ALGO/USD 4-hour chart: ALGO set to retrace again?
On the 4-hour chart, we can see bears slowly taking over as the Algorand price action will look to set another higher low to continue the consolidation.
Algorand price has seen strong volatility this week. After a several-day decline from $2.30 to $1.55, a strong lower low was set on the 16th of November. From there, a sharp reversal followed on the 18th of November, quickly breaching the previous high and spiking to $2.82.
However, most of the gain was quickly retraced, with support found at $1.75 the same day. Since then, we have seen ALGO/USD set both lower high and higher low, indicating consolidation in an increasingly tighter range.
Yesterday, the Algorand price action tested the $1.75 mark, with a rally to $1.90 establishing another lower high. Since then, ALGO/USD has seen bearish momentum slowly return, likely leading to another retracement over the next 24 hours.
Algorand Price Analysis: Conclusion
Algorand price analysis is bearish today as we expect another drop lower to follow over the next 24 hours after another lower high set. Therefore, we should see ALGO/USD move towards $1.75 support, where a higher low will be set to continue the consolidation.
While waiting for Solana to move further, see our guides on the Best crypto exchange, how to mine Algorand Classic, and Cardano vs Algorand.