The Ripple price has been under intense pressure in the past few weeks as the cryptocurrency sell-off has accelerated. XRP is trading at $0.7712, where it has been in the past few days. This price is about 61% above the highest level last year.
RippleX NFT plans
Ripple is one of the leading blockchain networks in the world. According to CoinGecko, XRP has a market capitalization of over $36 billion, making it the eighth biggest coin in the world.
Ripple Labs main product is known as the Ripplenet. It is a service that is used by banks and other money transfer companies used to simplify their processes. Transfers done in the Ripplenet ecosystem are faster and cost-friendlier than those carried out in other means.
Ripple is also seeking to expand its business. Last year, the developers announced that they will be venturing into the fast-growing non-fungible token (NFT) industry. And this week, RippleX, the company’s developer arm announced that they had rolled out the devnet for this project.
The developer portal makes it possible for developers to learn more about NFTs and carry out experiments about them. They can also preview, test, and experiment with XLS-20d on the XRPL network before it moves to the mainnet.
This is a major achievement for Ripple because of the overall size of the NFT market. Last year, it is estimated that people traded NFTs worth over $40 billion. And analysts expect that the industry will keep growing in the next few years. This explains why companies like OpenSea have achieved multi-billion dollar valuation.
However, Ripple faces a key challenge in the industry. It has become a highly competitive industry, with some of the leading blockchains like Ethereum and Tezos seeking to gain share. Layer 2 networks like Immutable x are also solving the biggest challenge involved in Ethereum-based NFTs.
Ripple price prediction
The daily chart shows that the XRP price formed a double-top pattern at around the $1.3510 level. The chin of this pattern was at $0.866. Today, the coin is trading slightly below this chin. It has also moved slightly below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved to the neutral level.
Therefore, there is a likelihood that the Ripple price will remain under pressure in the near term. If this happens, the next key level to watch will be at $0.65.
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