The central theses
- Ripple has launched a $ 250 million fund to explore new use cases for NFTs.
- XRP rose more than 7.5% after the news.
- Further buying pressure could potentially help the asset climb to $ 1.10.
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Ripple’s legal troubles in the US aren’t preventing the company from expanding its horizons in the crypto space. The distributed ledger startup is now aiming to compete for a share of the NFT market with a new dedicated fund.
Ripple launches NFT funds worth $ 250 million
Ripple jumps on the NFT train.
In one recently blog entry, the San Francisco-based company announced the launch of a $ 250 million fund to support the creation of NFTs on the XRP ledger. Ripple’s Creator Fund will focus on encouraging creators, brands, and marketplaces to explore new use cases for NFTs.
The distributed ledger startup highlighted that “clunky user experiences, high transaction fees and [the] Environmental Impact ”are some of the main factors deterring developers from looking at NFTs. Ripple aims to “mitigate” these challenges by providing financial, joint marketing and technical support to those wishing to participate in the emerging market.
The NFT marketplaces MintNFT and Mintable will be the first to integrate the XRP ledger to enhance the NFT experience for developers and creators.
Investors appear to have been rushing to buy XRP in the news, with the price of the token rising more than 7.5% shortly after the Ripples Creator Fund was released. The sudden upward momentum could help the asset make further gains as it tries to break a critical resistance level.
XRP attacks key resistance
XRP could be ready to break out. The recent upward pressure resulted in the fifth retest of the daily chart’s 200-day moving average. As a result, the movement weakened the critical resistance barrier.
A daily candlestick close above the 200-day moving average could help XRP move forward. In that case, the sixth largest cryptocurrency by market cap would likely rise to test the 50-day moving average at $ 1.10.
Despite the bullish outlook presented by XRP, the movement also depends on the 100-day moving average. It has acted as a stiff support for the past nine days, preventing a steep correction in the asset. Any signs of weakness leading to a dip below the $ 0.88 level could panic investors and potentially lead to a sell-off that could propel XRP towards $ 0.80.
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