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 examined patterns of XRP price movements and predicts that a break above the resistance line can happen anytime between now and August 2023.
Preparing For Explosive Growth?
Once XRP breaks through the resistance line, Dark Defender predicts that the price will hit $1.33 and then $3.82. These projections are based on technical analysis and historical patterns.
Furthermore, XRP faces two key resistances in the short term before it can hope to reach the $0.500 mark and rally further to the annual high of $0.5838, which was reached in March 2023. This Resistances are represented by the yellow line, which means the 200-day Moving Average (MA), and the brown line, which represents the 50-day MA, as shown in the chart below.
In addition, despite the current downtrend of XRP, crypto analyst Dark Defender noted that the token showed strength by bouncing from its main 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 be oversold and due for a rebound.
In the short term, Dark Defender has identified an important resistance level for XRP at $0.4696. This level should be overcome by XRP bulls if the token continues its potential bullish momentum and pushes above the $0.500 line.
XRP Ledger Sees Explosive Growth With NFTs And Tokenization
Approximately six months have passed since the introducing the XLS-20 to the XRP Ledger. XLS-20 includes extensions to the XRP Ledger that support a native NFT type and operations to count, transfer and hold such tokens, providing native NFT functionality to the platform.
1/ XLS-20 went live on the mainnet six months ago, bringing native NFT functionality to #XRPLedger. The developer and creator communities are thriving with exciting projects, new use cases and collections coming to life. #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 of XRPL, demonstrating the potential of the platform for NFTs.
Since the mainnet launch of XLS-20, over 1.3 million NFTs have been generated, with over 740,000 offers to buy NFTs accepted. This makes the XRP Ledger one of the top 10 blockchains for the volume of NFT sales and transactions. The top three native XRP volume markets are OnXRP, Sologenic, and xrp.cafe, which account for over 80% of Ledger’s total NFT transactions.
In addition, more than 5,000 total issuers and hundreds of NFT collections covering various use cases, from events and music ticketing and IP access rights, to metaverse and loyalty rewards, in real estate and beyond. The top three NFT collections by lifetime sales volume, including IOUs, are XPUNKS, Bored Apes XRP, and The Bearable Bulls.
Along with NFT projects, infrastructure apps and tools are being developed on XRPL to provide additional resources and support to the developer community. It includes tokenization infrastructure and tools, which help to create and manage XRP Ledger tokens.
David Schwartz, Ripple’s CTO, says the growth of NFTs on the XRP Ledger is a testament to the platform’s versatility and potential for innovation. He believes that XRPL is uniquely positioned to support the development of new use cases and applications for blockchain technology and that the growth of the platform’s NFT ecosystem is just the beginning.
Featured image from iStock, a chart from TradingView.com