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Ripple’s dramatic entry in this space may fetch XRP holders some profits  

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Ripple [XRP] dropped a bunch of important updates around its ecosystem as of 18 October. While the XRP community was still buzzing about Ripple’s announcement around launching a sidechain, a new update around Ripple’s creator fund was announced.

Second-round grantees of Ripple’s $250 million Creator Fund, which intends to foster the growth of NFT initiatives on the XRP Ledger (XRPL), were revealed.

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Here’s AMBCrypto’s Price Prediction for Ripple(XRP) for 2022-2023

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Ripple attempts to expand its NFT reach

To help developers build NFTs and other XRPL tokenization projects, Ripple created the $250 million Ripple Creator Fund. On 18 October, Ripple revealed the second group of creators who would be receiving financing from the Ripple Creator Fund.

The money went to artists and developers who are working to implement real-world use cases for XRP in various areas. These included gaming, the Metaverse, and the media and entertainment industries.

Ripple’s entry into the NFT market marks significance, and in a related move, one of the most prominent XRPLedger projects just announced the beta release of its NFT marketplace. The release was also announced for 18 October and the said launch would be deployed initially on the dev net. 

No uptrend but trend looks good

As can be seen from the chart given below, XRP did not appear to be particularly amused by the above-mentioned developments. At press time, the price of XRP had decreased by more than 2%. In the daily time frame, it was noted to be trading around $0.45.

Source: TradingView

A continuing increasing trend for XRP was also visible on the trend line in the daily time period. Around $0.45 and $0.41, the support line was perceived to be under pressure. Additionally, the $0.51 and $0.56 price points showed resistance.

Using the price range tool, a chart analysis revealed XRP lost more than 58% throughout the downtrend that began in April. However, from the time the uptrend began until the current level of resistance, it had increased by more than 65%.

There were two Moving Averages displayed beneath the price: the 50-day (yellow line) and the 200-day (blue line) Marginal. If the yellow line does end up crossing over the blue line, a positive price activity could be expected. 

As Ripple expands its services, XRP holders may soon reap the benefits of increased demand. Allowing NFT projects a voice on Ripple would broaden the network’s potential user base and uses. This is the kind of progress that might increase the value of XRP and make its owners very happy.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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