Despite the fact that the entire crypto market is in decline, Ripple’s price rose 6% overnight after the payment giant got over 4000 applications for its $250 million NFT creator fund. The price of Ripple is expected to rise, according to analysts.
Ripple Hits a Milestone with NFT Fund
Over the last week, the price of ripple has increased by about 10%. Nearly 4000 applicants have applied for funding for their NFT ideas, according to the payments behemoth.
Because the global NFT market is expected to reach $25 billion in 2021, Ripple has worked with NFT marketplaces to provide investors on these platforms with a faster and less expensive experience.
The payment giant’s partners have integrated the Ripple ledger to improve the NFT marketplace’s user experience.
The built-in quick and low-cost infrastructure of the XRP Ledger could let Ripple’s community of independent producers jumpstart their NFT ventures.
Monica Long, GM of RippleX said,
“By way of our Creator Fund and strategic partners, we’re leading more creators into the tokenized future and bringing their NFT apps and use cases to life on the XRP Ledger.”
The $250 million creator fund is dedicated to getting NFTs off the ground for creators. There is a built-in decentralized exchange that supports native NFTs and offers a quick settlement.
Will This Take XRP Price To $1?
Ripple’s XRP is one of the few large cryptocurrencies that are not trading flat in the past 24 hours but has, in fact, surged by an impressive 16% before retracing. At the time of writing, the XRP price is trading at $0.7863.
Currently, XRP/USD aims for the $0.80-$0.81 resistance area. If the price rebounds from the $0.7269 support and surpasses this resistance level, we can expect the altcoin to break the $0.9 level.
On the downside, the main support area is located at $0.6850, and a break below this could see prices drop back to $0.60 in the short term.