Ripple enters NFT space to lower gas costs when XRP price exceeds $ 1

Ripple plans to face high gas costs in non-exchangeable token (NFT) markets. Despite the NFT making headlines in the cryptocurrency space, high gas fees almost crippled the industry, especially in the first quarter of 2021. The harsh rise of NFT culture is a story to be reckoned with; however, users had to acknowledge the decline in interest due to the difficult process of transferring ownership. Ripple, on the other hand, announced its intention to overcome this challenge by integrating NFT markets into the XRP ledger. The development will benefit buyers and sellers in the relatively new industry. Additionally, the integration is welcome for all, knowing that the new consensus that uses XRPL to validate transactions consumes minimal power. According to a statement from the blockchain company, "Trusting the XRP ledger offers developers a unique opportunity to run more sustainable NFT applications and markets while lifting a heavy burden on the planet." Ripple prices climbed above $ 1 Ripple corrected from levels just above $ 1 on Tuesday after the bulls lost strength to continue the uptrend behind primary support at $ 0.65. The $ 0.9 increase in buyer congestion continued to focus on recovery; hence launch above $ 1. The moving average convergence divergence indicator (MACD) confirms the prevailing uptrend by closing the gap with the zero line (0.00). Additionally, the MACD continues to increase the divergence above the signal line, confirming the bullish trend. Similar to the XRP / USD Four-Hour Chart XRP / USD Price Chart from Tradingview, the Relative Strength Index (RSI) has a bullish appearance based on the transition from the oversold zone to the overbought zone. On the upside, XRP is facing resistance near the 50 simple moving average (SMA), which could cause the bulls to move higher around $ 1.4. Fluctuation Intraday Levels Spot Price: $ 1 Trend: Bullish volatility: Weak support: $ 0.9 and $ 0.8 Re

Join the Discussion

  • BrokerEUR/USD
    CMC Markets 0.7pips. (variable) margin: 3.33%
    LCG 0.3pips (variable) margin: 3.33%
  • Back to top