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XRP: Decoding the launch of XLS-20 NFTs standard for LTH

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XRP: Decoding the launch of XLS-20 NFTs standard for LTH

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Following the eventual implementation of the long-awaited XLS-20 – the standard for XRPL NFTs –  on the XRP ledger mainnet on 1 November, XRP NFTs marketplace logged a total sales volume of 5,750,000.00 million XRP for XPUNK NFTs and a few other XLS-20 NFTs two hours after the launch.

XRP looks the other way

XRP continued to trade in a tight range on a daily chart despite the launch of the much-anticipated XLS-20 and the significant amount of XRPL NFTs collection traded on 1 November. 

As of this writing, the #6 largest cryptocurrency asset exchanged hands at $0.4529, data from CoinMarketCap showed. Its price was down by 2% in the last 24 hours, and its trading volume had also declined by 16.55% within the same period. 

While the positive price correction in the general cryptocurrency market caused the price of assets like Dogecoin [DOGE] to shoot by over 100%, the price per XRP continued on its month-long decline.  

At its current price, XRP traded at its February 2021 level and 88.21% lower from its all-time high of $3.84. 

On a daily chart, buying pressure had started to decline. At the time of writing, XRP’s Relative Strength Index was spotted below the 50-neutral spot at 46.

With weakening buying pressure, the dynamic line of the asset’s Chaikin Money Flow (CMF) was in a downtrend at 0.05. A continued decline in buying pressure would push this indicator below the center zero line.

As buying pressure fell, XRP sellers took the charge, at press time. This was confirmed by the position of the Directional Movement Index (DMI).

The sellers’ strength (red) at 20.37 rested solidly above the buyers’ (green) at 14.68.

Source: TradingView

XRP on the chain

After a prolonged decline in the developmental activity of XRP’s network, the launch of the XLS-20 NFT standard caused this metric to see some traction on 1 November.

According to data from the on-chain analytics platform Santiment, following the launch of the new NFT standard, developmental activity on XRP had gone up by 0.1%. At press time, this stood at 26.54.

However, due to the consistent fall in the price of the asset in the past few weeks, many of XRP’s holders held at a loss, at press time. On a 30-day moving average, XRP’s MVRV ratio was -3.481%.

Source: Santiment

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Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
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