Ripple Price Prediction: XRP price moves past the $1 mark as it enters the NFT space to lower gas fees

TL;DR Breakdown

• Ripple price prediction highlights XRP’s intention to integrate NFT with its Ledger platform to lower the cost of transferring ownership.
• Recently, Ripple announced their decision to partner with BankDhofar, the 2^nd largest bank in Oman.
• Ripple’s SEC lawsuit escalates as the defendant requests for the removal of 6 more witnesses.
• Ripple’s recent price rally sees the crypto coin settle above the $1 mark.

Despite grappling with the US Securities and Exchange Commission lawsuit, Ripple continues to make great strides in ensuring the crypto coin remains relevant in this volatile market. Recently, Ripple announced their partnership with BankDhofar, the 2^nd largest bank in Oman. Following these developments, the Ripple price movement recorded a rally that saw the crypto coin move past the $1 mark.

Ripple Price Prediction: General price overview

Going by the recent developments, Ripple appears to be planning to deal with high gas tariffs in the NFT marketplace. The NFT has been flooding the crypto sphere news of late, especially in the 1^st quarter of the year. Despite this, the NFT marketplace has been dogged by high gas tariffs that have threatened to cripple the emerging sector. The sudden rise of the NFT sector is a story of triumph. However, the innovative technology is forced to grapple with deteriorating interest due to transferring ownership challenges.

There is where Ripple comes in. Recently, the crypto asset announced its plan to combat transferring ownership problem by integrating the NFT marketplace on its XRP Ledger platform. This will automatically lower the gas tariffs considerably to favor both buyers and sellers in the relatively new industry. Additionally, Ripple recently announced their latest partnership with Oman’s BankDhofar, which promises to stabilize the cryptocurrency and push it to higher heights. This partnership opens up an international transfer channel between the Oman bank and a private bank called IndusInd through the RippleNet platform.

Ripple price movement in the past 24 hours

Ripple registered a price rally during Tuesday’s trading session that saw the crypto coin settle marginally above the $1 mark. Ripple was projected to surge upwards, but the bulls ran out of steam to continue with the bullish momentum. According to the 24-hour chart, Ripple enjoyed higher buyer congestion at the $0.9 mark, which facilitated the upsurge past the $1 mark.

While Ripple continues to record impressive payment actions, the court case filed by SEC continues to take new developments. Recently, the SEC requested the Magistrate Judge Netburn to consider removing a section of a few former and current employees from the witness list.

Ripple 4-hour chart

According to the 4-hour chart, the Moving Average Convergence Divergence (MACD) indicator supports the ongoing upward trend as it moves higher past the midline. Additionally, the MACD indicator appears to keep widening the gap above the signal line, indicating Ripple is currently in a bullish leg.

Similarly, Ripple’s Relative Strength Index (RSI) paints a bullish picture based on its current movement area. At the time of writing, the RSI indicator is levitating within the overbought region.

Conclusion

Now that Ripple is bullish, the crypto coin must deal with key resistance barriers at the 50 Simple Moving Average level to push further upwards past the $1.4 mark. At the time of writing, Ripple is exchanging hands at around $1.03.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/ripple-price-prediction-2021-05-26/