The XRP community has been relatively quiet lately, and according to crypto analyst Dark Defender, this could be a positive sign that XRP is poised for a breakout. Dark Defender, a cryptocurrency analyst and researcher, has analysed patterns in XRP’s price movements and predicts that a break above the resistance line could occur anytime between now and August 2023.
Ready for explosive growth?
Once XRP breaks the resistance line, Dark Defender predicts the price to reach $1.33 and then $3.82. These projections are based on technical analysis and historical patterns.
In addition, XRP is facing two major resistances in the near term before it can hope to reach the $0.500 mark and continue to rise to its yearly high of $0.5838, reached in March 2023. These resistances are represented by the yellow line, which is the 200-day Moving Average (MA) and the brown line, which represents the 50-day MA, as shown in the chart below.
Moreover, despite XRP’s current downtrend, crypto analyst Dark Defender has noted that the token has shown resilience by bouncing back from the primary support level of $0.42. This uptick can be partially attributed to the Relative Strength Index (RSI) reaching an oversold zone in the daily indicator, suggesting that XRP may be oversold and ready for an uptick.
In the near term, Dark Defender has set a critical resistance level for XRP at $0.4696. This level will need to be overcome by XRP’s bulls if the token is to continue its potential bullish momentum and move above the $0.500 line.
XRP Ledger sees explosive growth in NFTs and tokenization
It’s been about six months now since the introduction of XLS-20 to the XRP ledger. XLS-20 includes extensions to the XRP Ledger that support a native NFT type and operations to enumerate, transfer, and hold such tokens, bringing native NFT functionality to the platform.
1/ XLS-20 went live on the mainnet six months ago, bringing native NFT functionality to the #XRPledger. The community of developers and creators is thriving with exciting projects, new use cases, and collections coming to life on the #XRPL. https://t.co/tmmb2vo31t
— RippleX (@RippleXDev) May 15, 2023
Since the amendment was proposed, voted on and approved by the validator community, the XRP Ledger ecosystem has been thriving for developers and creators. This has resulted in new projects, use cases, and collections on the XRPL, demonstrating the platform’s potential for NFTs.
Since the launch of XLS-20 on the mainnet, more than 1.3 million NFTs have been minted, with over 740,000 offers to buy NFTs. This puts the XRP Ledger among the top 10 blockchains for NFT sales volume and transactions. The top three natively built marketplaces by XRP volume are OnXRP, Sologenic, and xrp.cafe, which account for over 80% of total NFT transactions on the Ledger.
In addition, there are over 5,000 publishers in total and hundreds of NFT collections spanning a variety of use cases, from events and ticketing, to music and IP access rights, to the metaverse and loyalty rewards, to real estate, and more. The top three NFT collections by total sales volume, including IOUs, are XPUNKS, Bored Apes XRP, and The Bearable Bulls.
In addition to NFT projects, infrastructure apps and tools are being developed on the XRPL to provide additional resources and support to the developer community. This includes tokenization infrastructure and tooling, which can help create and manage tokens on the XRP Ledger.
Ripple CTO David Schwartz has stated that the growth of NFTs on the XRP Ledger is a testament to the versatility and innovation potential of the platform. He believes that the XRPL is uniquely positioned to support the development of new use cases and applications for blockchain technology and that the growth of the NFT ecosystem on the platform is just the beginning.
Featured image from iStock, a chart from TradingView.com