The XRP community has been relatively quiet recently, which according to cryptocurrency analyst Dark Defender, could be a positive sign, indicating that XRP is ready for a breakout. Dark Defender, a cryptocurrency analyst and researcher, has analyzed the pattern of XRP price movements and predicted a possible breakout of resistance at any time from now until August 2023.
Ready for an explosive growth?
Once XRP breaks the resistance line, Dark Defender predicts the price will reach $1.33, then $3.82. These predictions are based on technical analysis and historical patterns.
Furthermore, XRP faces two major resistances in the short term before it's expected to reach the milestone of $0.500 and bounce back further to the annual high point of $0.5838 reached in March 2023. These resistances are represented by a yellow line, indicating the 200-day moving average (MA), and a brown line representing the 50-day MA, as shown in the figure below.
Moreover, despite XRP's current downward trend, cryptocurrency analyst Dark Defender points out that the token has rebounded from a key support level of $0.42, showing resilience. This rebound can be partly attributed to the Relative Strength Index (RSI) reaching the oversold area in daily indicators, suggesting that XRP may have been oversold and should bounce back.
In the short term, Dark Defender has identified a key resistance level for XRP at $0.4696. If the token is to continue its potential bullish momentum and push above $0.500, XRP bulls need to overcome this level.
XRP Ledger Sees Explosive Growth in NFTs and Tokenization
It's been about six months since XLS-20 was introduced to the XRP Ledger. XLS-20 includes extensions to the XRP Ledger that support native NFT types and operations for enumerating, transferring, and holding such tokens, providing native NFT functionality to the platform.
Since the amendment was proposed, voted on, and approved by the validator community, the developer and creator ecosystem of the XRP Ledger has thrived. This has led to new projects, use cases, and collections on XRPL, showcasing the platform's potential in NFTs.
Since the launch of the XLS-20 mainnet, more than 1.3 million NFTs have been minted, and over 740,000 offers to buy NFTs have been accepted. This has propelled the XRP Ledger into the top 10 blockchains for NFT sales and transaction volumes. The top three native markets by XRP transaction volume are OnXRP, Sologenic, and xrp.cafe, accounting for over 80% of the total NFT transactions on the Ledger.
In addition, there are over 5,000 issuers and hundreds of NFT collections, covering a variety of use cases, from events and ticketing to music and IP access rights, to metaverses and loyalty rewards, to real estate and beyond. The top three NFT series by lifecycle sales (including IOUs) are XPUNKS, Bored Apes XRP, and The Bearable Bulls.
In addition to NFT projects, infrastructure applications and tools are also being developed on XRPL to provide additional resources and support for the developer community. This includes tokenization infrastructure and tools that can help facilitate the creation and management of tokens on the XRP Ledger.
Ripple's Chief Technology Officer, David Schwartz, states that the growth of NFTs on the XRP Ledger demonstrates the platform's versatility and innovative potential. He believes that XRPL's unique positioning supports the development of new use cases and applications.
