Ripple’s XRP appears steady after shading some of its value in the last 24 hours. The alternative coin seems to follow the declining outlook with the entire cryptocurrency market. XRP lost 2.5% since yesterday, XRP-USD trading nearly $0.64 while writing this content.
It looks like the bearish sentiment in the crypto market has impacted this coin as the platform unleashes one billion digital XRP to the market over the last trading session. That is despite the problems of the regulation that Ripple has with the SEC. Around 80% of the one billion tokens remain locked in escrow. The remaining 20% maintains the liquidity in Ripple’s platform. That generates capital for the asset’s operations.
However, on the positive side, the incoming news that Ripple wants to join the NFT bandwagon will likely boost the altcoin. XRP’s firm is among the investors that invested about $13 million in Mintable, a Singapore-based NFT market.
Also, Mintable plans to integrate XRP Ledger to benefit from the platform’s low energy consumption and affordable transaction charges. That will promote NFT mainstream adoption as more consumers can access the services. Concerning the project, Ripple announced that it is excited to collaborate with Mintable. The move would provide developers and creators the best cryptocurrency environment. Also, a blockchain atmosphere with NFTs will attract more participants.
Vital Levels to Watch
On the XRP/USD four-hour chart, the MACD indicator and Moving Averages show a bearish outlook. However, at the moment, the asset shows a somewhat buying action into play. The Stochastic Relative Strength Index and the momentum indicator signals a bullish outlook.
At the moment, the coin values at its vital $0.64 point. That translates to the right time to track XRP price action. Any upward move might take the asset to $0.78. Buyers might encounter resistance at this level before breaking over the crucial level at $0.80. However, if bears manage to control the market, investors need to observe the $0.51 zone, the asset’s current support.
If you want to invest at the moment, be careful with your moves. The market might move in any direction.
Feel free to share your views in the comment section.
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