The XRP community has been relatively quiet lately, and according to crypto analyst Dark Defender, this could be a positive sign that XRP is ready for a breakout. Dark Defender, a cryptocurrency analyst and researcher, has analyzed patterns in XRP’s price movements and predicts that a break above the resistance line could happen anytime between now and August 2023.
Poised For Explosive Growth?
Once XRP breaks through the resistance line, Dark Defender predicts the price will hit $1.33 and then $3.82. These projections are based on technical analysis and historical patterns.
Moreover, XRP is facing two significant resistances in the short term before it can hope to reach the $0.500 mark and rally further to its annual high of $0.5838, reached in March 2023. These resistances are represented by the yellow line, which denotes the 200-day Moving Average (MA), and the brown line, which represents the 50-day MA, as shown in the chart below.
Furthermore, despite XRP’s current downtrend, crypto analyst Dark Defender has noted that the token has shown resilience by bouncing back from its primary support level of $0.42. This rebound can be attributed, in part, to the Relative Strength Index (RSI) reaching an oversold zone in the daily indicator, suggesting that XRP may have been oversold and due for a rebound.
In the short term, Dark Defender has identified a crucial resistance level for XRP at $0.4696. This level will need to be overcome by XRP’s bulls if the token is to continue its potential bullish momentum and push above the $0.500 line.
XRP Ledger Sees Explosive Growth In NFTs And Tokenization
It has been approximately six months since the introduction of XLS-20 to the XRP Ledger. XLS-20 includes extensions to the XRP Ledger that support a native NFT type and operations to enumerate, transfer and hold such tokens, providing native NFT functionality to the platform.
1/ XLS-20 went live on mainnet six months ago, bringing native NFT functionality to the #XRPLedger. The developer and creator communities have been thriving with exciting projects, new use cases and collections coming to life on the #XRPL. https://t.co/tmmb2vo31t
— RippleX (@RippleXDev) May 15, 2023
Since the amendment was proposed, voted on, and approved by the validator community, the XRP Ledger’s developer and creator ecosystem has flourished. This has resulted in new projects, use cases, and collections on the XRPL, showcasing the platform’s potential for NFTs.
Since the mainnet launch of XLS-20, over 1.3 million NFTs have been minted, with over 740,000 offers to buy NFTs accepted. This has made the XRP Ledger among the top 10 blockchains for NFT sales volume and transactions. The top three natively built marketplaces by XRP volume are OnXRP, Sologenic, and xrp.cafe, which account for over 80% of total NFT transactions on the Ledger.
In addition, over 5,000 total issuers and hundreds of NFT collections spanning various use cases, from events and ticketing to music and IP access rights, to the metaverse and loyalty rewards, to real estate and beyond. The top three NFT collections by lifetime sales volume, including IOUs, are XPUNKS, Bored Apes XRP, and The Bearable Bulls.
Alongside NFT projects, infrastructure apps and tools are being developed on the XRPL to provide additional resources and support to the developer community. This includes tokenization infrastructure and tooling, which can help facilitate the creation and management of tokens on the XRP Ledger.
David Schwartz, CTO of Ripple, has stated that the growth of NFTs on the XRP Ledger is a testament to the platform’s versatility and potential for innovation. He believes that the XRPL is uniquely positioned to support the development of new use cases and applications for blockchain technology and that the growth of the NFT ecosystem on the platform is just the beginning.
Featured image from iStock, a chart from TradingView.com
Credit: Source link
