Ripple’s XRP closed at $1.05772 after hitting a high of $1.09817 and a low of $1.05616. After rising for two consecutive sessions, XRP/USD dropped on Sunday despite positive developments surrounding the Ripple ecosystem. The general manager of Ripple, Monica Long, talked about why Ripple Ledger was a perfect fit for the NFT sector and why it was launching offerings in this sector. According to Long, XRP Ledger was a blockchain network that had the technical capabilities to support NFTs.
XLS-20 Standard of XRPL
The XRP Ledger has been making some notable contributions to the crypto sector, including issuing different tokens. Ripple’s platform was established in 2012, and now it has started to evolve into a top-tier NFT platform. The XLS-20 standard of XRPL will empower the platform with seamless functionality for NFTs. Currently, XLS-20 is in the referendum phase, and when the community approves it, it will go live on the development network.
NFT Announces Partnership With The Mintable Project
NFT has announced a partnership with the Mintable project to boost NFT development on the network. This year, Ripple also launched a new On-Demand Liquidity (ODL) corridor between Japan and the Philippines to facilitate the conversion of the XRP token into Philippine pesos.
Meanwhile, Ripple is planning to develop a Liquidity Hub product, which would enable financial services organizations to provide their customers with a path to cryptocurrencies. The new product will give its enterprise clients access to digital assets from various sources, including market makers, exchanges, and over-the-counter trading desks.
This will offer clients trading in various cryptocurrencies, including BTC, ETH, LTC, BCH, and XRP. All these developments have been pushing XRP/USD higher lately. However, on Sunday, the cryptocurrency faced pressure mainly because of corrections, profit-taking, and the strength of the US dollar.
The greenback added a negative impression on XRP/USD after reaching 96.24. The strength was driven by the bullish comments from Fed officials regarding tapering and rate hikes. XRP/USD dropped amid the increased value of the greenback amid the negative correlation between the two.
Ripple Slips to $1.0388 – A Quick Technical Analysis
On the technical side, Ripple (XRP/USD) is trading at the 1.0388 level, having disrupted the support level of 1.1067. On the 4-hour chart, the pair has closed with bearish engulfing candles, which supports a selling trend in Ripple.
Daily Technical Levels
Pivot Point: 1.07068
On the downside, the major support for Ripple prevails at 1.0184, and violation of this could trigger further selling until the next support area of 0.9633. On the higher side, the major resistance lies at the 1.1067 level, and a bullish breakout here could trigger a buying trend until the 1.1610 and 1.2223 levels.
The RSI is holding in an oversold zone, suggesting that bulls could enter the market soon, while the 20 and 50 EMAs support a selling bias. Let’s consider taking a sell trade below the 1.0706 level. Good luck!