Ripple Joins the NFT Train Via a Partnership with Mintable
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The developer subsidiary of Ripple (XRP), RippleX, has just announced a partnership with the popular NFT marketplace Mintable. The new partnership will allow developers and creators on the XRP Ledger (XRPL) to take advantage of the XRP blockchain’s low transaction costs and meager power consumption to sell their creations in a secure and efficient digital environment.
With cryptocurrency energy consumption becoming one of the most talked-about issues in the crypto space, Ripple prides itself on running an efficient cryptocurrency ecosystem void of this problem. The payments solution provider noted that:
“XRPL consumes only about 790,000 kWh per year and is already carbon neutral, which is far more efficient than proof-of-work networks that consume around 66 TWh of energy per year.”
NFTs have become the latest crypto trend and have garnered massive attraction due to the vast possibilities they provide to the art sector. However, with the ongoing Ethereum congestion and excessive gas fees issue, the NFT mania appears to be cooling off. Consequently, several alternatives are popping up across the sector.
The Ripple blockchain is one of such entrants into the NFT space and promises significant potentials primarily because of the Federated Consensus algorithm, the XRP Ledger’s core design.
Reports show that the utilization of the XRP blockchain would allow billions of NFTs to get minted, bought, and efficiently transferred.
Key Ripple Levels to Watch — July 2
Despite the renewed bearish sentiment in the broader market, Ripple appears to trade on a bullish momentum as it trades along an ascending channel. That said, the seventh-largest cryptocurrency recorded a sharp correction yesterday from the $0.7000 resistance to the $0.6500 critical level and is gearing up for a leg-up.
A decisive break above the $0.7300 region over the coming days should negate the broader bearish channel and position XRP for higher levels.
Meanwhile, our resistance levels are $0.7000, $0.7500, and $0.7800, and our support levels are $0.6500, $0.6000, and $0.5200.
Total Market Capitalization: $1.33 trillion
Ripple Market Capitalization: $29.8 billion
Ripple Dominance: 2.2%
Market Rank: #7
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