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- Ripple emphasized the growing importance of tokenization for the XRP Ledger and RippleNet.
- NFTs and CBDC are just two use cases that you want to serve.
- The market reacted extremely positively and XRP grew strongly.
Ripple has recognized the signs of the times, because in July they announced a partnership and a $ 13 million investment in Mintable and already talked about tokenization, which will find its way onto the XRP Ledger.
That seems to be pleasing the market too, as XRP is trading above $ 1.30 for the first time in three months. In the past seven days, the XRP course has seen an increase of more than 60 percent. XRP even performed better than Cardano (ADA), which is probably due to three facts.
On the one hand, Bitcoin succeeded in breaking free from the summer range, which had an incredible pull on the overall market. And on the other hand, the NFT hype should give investors hope for more, because XRP also wants to build on this soon. Last but not least, the company announced another partnership with GME Remittance in Asia. All in all, a bullish potpourri of hot news that the market has received well over the week.
The market is on the verge of a tipping point
The XRP course has managed to decouple itself a bit from the development on the market and is performing very well. Nevertheless, the market has reached a tipping point where either a bearish scenario will spark off or a surreal bullish phase is imminent.
For most cryptocurrencies and tokens, the question is whether a trend reversal is imminent for them in the weekly chart. If that is the case, then we are now experiencing a high point that, although it could still be expanded, could lead to the formation of new low points in the long term.
On the other hand, if the price continues to rise, we could experience a bull run that should astonish most investors. For XRP, in this context, the resistance at US $ 1.40 and US $ 1.65 is likely to play a role, which the bulls would have to overcome first. However, if the price should drop, then attention is drawn to the $ 1 mark and whether it can manage to serve as a support.
A notice: This article is for informational purposes only and does not constitute a recommendation to buy or sell any investment products or cryptocurrencies, but merely reflects the opinion of the author. Cryptocurrencies are volatile and their acquisition is fraught with a high risk, which can lead to the total loss of the capital invested. The information in this article cannot replace professional investment advice. All course information is provided without guarantee. Please also note our full disclaimer.