Ripple: NFT outreach efforts and its impact on XRP
Ripple released a series of major updates around its ecosystem starting October 18. While the XRP community is still excited about Ripple's announcement of launching a sidechain, a new update regarding Ripple's creator fund has been announced.
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The second round recipients of Ripple's $250 million Creators Fund have been revealed, which aims to accelerate the development of NFT initiatives on the XRP Ledger (XRPL).
Ripple (XRP) price prediction for 2022-2023
Ripple tries to expand into NFT market
To help developers create NFT and other XRPL crypto projects, Ripple created the $250 million Ripple Creators Fund. On October 18, Ripple revealed the second group of creators to receive funding from the Ripple Creators Fund.
The funds went to artists and developers, who are working to implement real-world use cases for XRP in various fields. These include the games, Metaverse, and media and entertainment industries.
Ripple's entry into the NFT market is an important event, and in a related move, one of the most prominent XRPLedger projects has just announced the launch of a beta version of the NFT market. The release was also announced on October 18 and said the initial release will be done on the development network.
XRP is looking good
As can be seen from the chart below, XRP doesn't seem particularly interested in the developments mentioned above. At press time, the XRP price has dropped by more than 2%. In the daily time frame, it is trading around $0.45.
The continuation of the uptrend is also seen for XRP above the trendline on the daily time frame. Around $0.45 and $0.41, the support line is said to be under pressure. Additionally, the $0.51 and $0.56 price points show resistance.
Using the price range tool, a chart analysis shows that XRP has lost more than 58% during the downtrend that began in April. However, since the beginning of the uptrend to the current resistance level has increased by more than 65%.
There are two Moving Averages shown below the price: 50 Day Margin (yellow line) and 200 Day Margin (blue line). If the yellow line ends up crossing the blue line, positive price action can be expected.
As Ripple expands its services, XRP holders will soon be able to benefit from the increased demand. Allowing NFT projects to have a say on Ripple will expand the user base and usability of the network. This is the kind of progress that can increase the value of XRP and make its owners very happy.
Oct 20, 2022