Ripple Posts Impressive Performance Amid Echoes of NFT Integration
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Ripple (XRP) has recorded a +61% rally over the past seven days, effectively outperforming other top performers like Cardano. With the recent rally, the sixth-largest cryptocurrency appears to have decoupled from the rest of the market. At press time, XRP trades at a twelve-week high above $1.2800.
According to on-chain analytics provider Santiment, the bullish price action comes after the high development activity on the Ripple blockchain. Santiment noted that:
“Before it decoupled from the #crypto pack, we saw hints of development activity skyrocketing. #XRP‘s team is now submitting the highest #github activity rate in the asset’s history.”
Meanwhile, the giant crypto ecosystem has indicated an interest in the NFT sector, noting that the XRP Ledger (XRPL) is an effective tool to further the growth of the non-fungible tokens industry.
Speaking on the development, Ripple CTO David Schwartz noted that:
“The XRP Ledger delivers a unique combination of the low cost, high speed, and good payments features needed to streamline NFT creation at scale. In particular, the Ledger’s ability to maintain consistent transaction fees—something which is impossible on most other platforms today—as a key benefit for both buyers and sellers.”
The NFT sector has become the latest talk of the town in the crypto industry, with almost every robust Blockchain looking to introduce NFTs into its platform to foster more growth.
Key Ripple Levels to Watch — August 16
As mentioned earlier, Ripple has recorded a +61% spike over the past week, which is a positive development for the community.
However, XRP appears to be showing some indications of an imminent correction, as it continues to consolidate below the $1.3250 resistance. That said, we expect a mild correction to the $1.2000 psychological level over the coming hours and days.
This correction should get followed by a sharp bounce to the $1.3500 level and higher.
Meanwhile, our resistance levels are $1.0500, $1.1000, and 1.1500, and our support levels are $1.0000, $0.9500, and $0.9275.
Total Market Capitalization: $2.04 trillion
Ripple Market Capitalization: $59.5 billion
Ripple Dominance: 2.9%
Market Rank: #6
