By Shelly Melancon (Switzerland)
Despite its court case with the sec, Ripple continues to bring innovations to the crypto market. Now, Ripple has created a fund chest with which it would enter the NFT market.
Ripple Jumps On The NFT Bandwagon
The company announced via their newest blog post that it has $250m, which it intends to use to develop NFT projects using the XRP ledger. These funds will be distributed among marketplaces, creators and brands. The San Francisco based firm claimed that creators are discouraged from providing the NFTs because of huge charges, frustrating user experience on NFT platforms and the encouraging environment.
Hence, Ripple plans to use these new funds to provide the marketing, technical and financial aid for anyone willing to use its XRP ledger to launch his NFT. Already, two NFT marketplaces have signified their intention to incorporate the XRP ledger into their platforms and encourage digital art creators and developers.
Almost immediately after news of these funds hit the public, XRP price spiked by over 8%, with most investors going bullish on Ripple’s governance token. If this bullish momentum is sustained, XRP may likely surge past its next critical resistance point.
Is XRP Ready To Break Out?
This new buying pressure resulted in another retry of the 200-day MA, as displayed on the 24-hour chart. This XRP price action can make it surpass its next crucial resistance level.
Also, if XRP’s 24-hour candlestick closes over the 200-day MA, the XRP price rally could be sustained for another few days. When this happens, XRP’s next critical resistance level will be at the $1.20 price level, which coincides with the 50-day MA.
XRP/USDT 24-hour chart. Source: TradingView
However, the 100-day MA is one technical indicator that can determine whether XRP can sustain its bullish momentum. This MA has been a steady support for XRP in the last week and helped avoid a substantial plunge in price.
However, if the digital asset’s bulls become exhausted and the bears take control, XRP price could plummet down beyond the $0.89 range and cause a selling spree. Thus, XRP might keep plunging till it finds support around the $0.79 region.
BTC Miners Found In Iran’s Stock Exchange CEO Basement
In other news, following the discovery of digital currency mining rigs in a building belonging to Iran’s stock exchange (TSE) CEO, Ali Sahraee, the man has resigned his position immediately. Some of the country’s media outlets report that the TSE’s successor to Sahraee is his deputy, Mahmoud Goudarzi.
Despite denying the news initially, a top-level executive of the exchange, Beheshti-Sarsht, later confirmed the news. You’d recall that Iranian authorities had put out a temporary ban on BTC mining during summer due to the high electricity consumption of the mining operations, which has drastically reduced the amount of electricity supply available to the citizens.
While details are sparse as to the exact reason for the raid on Sahraee’s residence, it is still a fact that crypto mining isn’t yet legalized again in Iran. This is the highest-profile case of illegal crypto mining in the history of the country.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.