Ripple to Bolster NFT Support on XRP Ledger with New Upgrade
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Meanwhile, Ripple also announced that the proposed update will be included in its upcoming software launch. The NFT-Devnet is Ripple’s beta development sandbox for NFTs. The platform helps developers and creators run simulated real-world tests on their NFT projects before launching in the mainnet.
Ripple expects that the software upgrade will equip developers and the XRP community with the appropriate tools to channel innovative ideas. The team also noted that they hope the upgrade allows for the introduction of additional tokenization capabilities.
The official blog post from the Ripple website read:
“The RippleX team will propose its NFT standard be included in an upcoming software release with hopes that the new NFT capabilities will continue to inspire groundbreaking projects.”
The cryptocurrency payment company noted that it envisions a future where NFTs go beyond being collectibles to having actual real-world utility. The company listed a few areas getting explored to introduce NFTs, including Media & Entertainment, Carbon Credits, and Real Estate.
Already, Ripple’s effort to promote NFTs on the XRPL has received a welcome attitude from the community. The company is also welcoming new partners looking to take advantage of Ripple’s potential in the NFT space.
Key Ripple Levels to Watch — March 14
On my daily chart, XRP has reversed from a strong breakout recorded over the weekend, which saw the sixth-largest cryptocurrency touch the $0.8500 resistance. The recent upswing helped the cryptocurrency briefly acquire a bullish standing after it topped the 100 EMA in the rally.
However, price action appears to be out of the reach of bears at the moment, as XRP maintained a mild bullish cycle pattern. The cryptocurrency now trades within a bullish wedge as bulls identify the $0.8000 resistance as the near-term level to defeat to regain a bullish outlook. That said, the coming few days, especially with the US Fed policy meeting coming up, will play a crucial role in Ripple’s medium-term trend.
Meanwhile, my resistance levels are $0.8000, $0.8250, and $0.8500, and my support levels are $0.7300, $0.7000, and $0.6800.
Total Market Capitalization: $1.73 trillion
Ripple Market Capitalization: $36.7 billion
Ripple Dominance: 2.12%
Market Rank: #6
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