- Ripple price prediction turns positively biased as upper resistance comes into the picture
- XRP/USD trades confidently above two-week lows
- Buy momentum building up as price challenges upper Bollinger Band
- XRP bulls are now challenging the 200-day moving average
Ripple price prediction is building up to be slightly better than the broader crypto market. The XRP/USD pair is now headed towards $0.27747 and set to challenge the upper resistances. The RSI daily is biased higher. The ascending price channel is now beginning to take shape into a probable breakout.
On Friday, Ripple built a bullish momentum that has been carried into today’s trade. The price is trading well above the two-week lows, and the upbeat sentiment is pushing the price towards the upper Bollinger Band. The XRP/USD pair is now well within reach of the $0.280 level. Currently, the price is stabilizing in a range between $0.2811 to $0.2540. The past week’s sideways trading seems to come to an end if the XRP breaks above the symmetrical triangle.
The past week’s high of $0.3293 can be retraced if the bulls can gather sufficient momentum. The nomination of Michael Barr of the Ripple advisory board into Biden Administration as head of the ‘Office of the Comptroller of the Currency’ is seen as positive news for the fifth-largest cryptocurrency. Ripple price prediction will be seen in positive territory only once the price confidently crosses the $0.300 level.
Ripple price movement in the last 24 hours – Sideways with an upward bias
The past 24 hours have been indecisive for Ripple as the traders cannot decipher the chart movements. However, the repeated movement towards the Bollinger Bands’ upper end shows that the price is trying to break out from the sideways movement. A series of higher lows reflects the underlying bullish momentum of the traders and investors alike.
Higher lows also signify that the buyers appear on dips. The multiple rejections from the resistance at $0.3 have led to an ascending triangle formation. Earlier, the price was rejected from this level twice as the bears put pressure on profit booking. The volume, though thin over the weekend, is beginning to rise. The Ripple price prediction indicates that the decisive move is gathering momentum as the price reaches an inflection point.
XRP/USD 4-hour chart – Neutral movement shifting towards positive
The technical indicators are so far neutral but beginning to shift higher. The thin volumes over the weekend can trigger some wild movements on the hourly charts. The RSI remains under 50 level, but the slope is now pointing upwards. The failure to go beyond 50 levels over the next few days will confirm long-term bearish bias since daily readings are also suppressed.
The MACD is showing a crossover on the hourly charts. The drop in prices will be confirmed once the price cannot sustain above the crossover price point. The Awesome Oscillator is set firm in the neutral zone. The Stochastic RSI is now starting to get out of the oversold region and heading up. The ascending triangle signifies bullish movements and is emerging on the hourly charts. Ripple price prediction will turn bullish if this triangle pattern is broken decisively by the bulls with massive volume. In such a case, the price can cross $0.30 to touch the $0.36 level. The volumes are more or less unchanged compared to the past week’s figures.
Ripple price prediction conclusion – XRP prepares for a strong up move
Weakness in the broader cryptocurrency market is behind the weakening bullish resolve in XRP. The Ripple price prediction shows that a confluence of technical and fundamental factors will help XRP cross crucial resistances. The classification of XRP as security in various nations is also casting many doubts over its legal status.
Technical indicators are painting a rosy picture showing strong potential for the bulls. The weekend may feature wild movements in the price. However, Ripple price prediction is fairly set for a bullish breakout, unlike other cryptocurrencies.
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.
NFTs are changing the world of art and it is just getting started
TL;DR Breakdown Non-fungible tokens (NFTs) are changing the way art works in a crypto-related world. The subsector is bringing power back to the artists by ensuring authenticity and originality. The industry has seen a re-emergence in recent times as record sales are being recorded. If you mention the words “Bitcoin,” “Ethereum,” or “Cryptocurrency” next to […]
- Non-fungible tokens (NFTs) are changing the way art works in a crypto-related world.
- The subsector is bringing power back to the artists by ensuring authenticity and originality.
- The industry has seen a re-emergence in recent times as record sales are being recorded.
If you mention the words “Bitcoin,” “Ethereum,” or “Cryptocurrency” next to any digital savvy individual, they probably have an idea of what you’re talking about. But if you should mention NFT, only a few familiar with the cryptocurrency market and blockchain technology would actually be able to understand you. A non-fungible token (NFT) is a cryptographic token that represents something unique. They are ideal for unique digital items. While they are built on a blockchain network like cryptocurrencies, its difference lies in the fact that one token cannot be interchanged with another.
The crypto industry has been with us for close to a decade but NFTs did not start gaining public attention until the Crytptokitties project became popular around 2017. Cryptokitties is a game on the Ethereum network in which players buy, sell, and breed cats which are represented by unique tokens that are created by a smart contract. The game made many people aware of NFT and opened many to its potential, however this was short-lived. But towards the tail end of 2020, the crypto subsector began to re-emerge and today, news of how multimillion sales are being made dominates the headline.
One sector that has benefited most from NFT is the art world. For years, digital artists have struggled with protecting their copyrights and monetizing their works online. This has now changed with NFT. With these tokens, digital artists are able to create their works and sell them online, with the buyer getting a unique token which certifies authenticity.
NFTs and its Smart contract possess unique attributes like owner identity, accurate location of the artwork, web links, etc., which can be embedded in the work of art. Beyond this, Defi platforms and apps such as Raribles, Zora, Nifty Getaway, Foundation, and SuperRare have also emerged. All these platforms enable creatives of any kind, including digital artists, to monetize their creations.
What has spurred the growth of this space is the quest to own collectibles. For years, people have paid huge amounts of money to own physical collectibles like baseball cards, Pokémon Go cards, etc. This mania is now re-enacting itself in the digital space as well. Dapper Labs, the company that created CryptoKitties is leading the scene with NBA Top Shots.
The growth of the digital art space due to non-fungible tokens is unprecedented. In the opinion of some analysts, it is reminiscent of the Renaissance period in art. According to Ben Gentili, the digital artist whose work Block 21 sold for more than $130,000 back in 2020, “non-fungible tokens have created a paradigm shift in the art world with power returning to the hands of the artist.” He made reference to a similar scenario during the Renaissance.
What he forgot to mention is that the present phenomenon has more in common with the Renaissance than just giving the artists the power back. According to Art historian Alexander Nagel, concepts such as authenticity and forgery meant nothing in art until the Renaissance period. Today, it is that same concept of authenticity that NFT is bringing back to art. This is what made it possible for Chris Torres to sell his Nyan cat meme for $590,000 by adding an NFT, which distinguished that particular copy from the millions that are on the internet.
Recently, the musician Grimes collaborated with the digital artist Max Boucher to release the WarNymph collection that sold for a record $5.8 million. This is quite close to the record made by Beeple with his $6.6 million sale of CROSSROADS on Nifty Getaway. At present, the total value of NFTs sold is over $250 million.
The traditional art auctioneers are not missing out on the action either. As far back as October 2020, Christie’s auctioned Ben Gentili’s digital artwork, Block 21, which had 18 bidders and sold for more than $130,000. In its first purely digital art auction, a collection of Beeple artworks reached over $1 million in bids under 10 minutes of going up for sale. These further point to how in-demand NFT artworks are at present.
NFT and the crypto space
The crypto market stands to benefit a lot from the growing popularity of NFT. This boom also means that the adoption of crypto will increase substantially as the transactions for these non-fungible tokens are usually in cryptocurrencies. Even Christie’s is accepting ETH for its latest digital art collection auction.
With the ability of NFT to be applied across various industries such as art, gaming, ticketing and events, collectibles, and even in real estate, the growth of NFT will spur crypto adoption at an incredible rate.
Is NFT all glittering?
While NFT is already making waves and has a lot of uses and potential, it is important to understand that it is still in its early stages. Even the blockchain technology it is built on is still evolving. Thus, it is not without its challenges.
At present, the technicalities involved in using NFT platforms are a major challenge. The additional charges also represent a challenge, and the safety of the artwork, which is generally not stored on blockchain but a different website, remains questionable. However, it is too early to know how these challenges will be dealt with.
There is no doubt that NFTs have disrupted the paradigm of the art world, giving digital artists control over their works. While many critics have criticized the simplicity of the artworks that sell for so much, it is impossible to ignore the positive possibilities that this means for the industry as a whole.
Marc Lasry and former CFTC chair Giancarlo invest in BlockTower Capital
BlockTower Capital, a crypto industry investment firm, has received investments from billionaire hedge funder Marc Lasry and J. Christopher Giancarlo, the former CFTC chair.
The post Marc Lasry and former CFTC chair Giancarlo invest in BlockTower Capital appeared first on The Block.
BlockTower Capital, a crypto industry investment firm, has received investments from billionaire hedge funder Marc Lasry and J. Christopher Giancarlo, the former chairman of the Commodity Futures Trading Commission.
The investments were reported by Bloomberg. With the investments, the amount of which was not disclosed, BlockTower is added the co-founder of private equity firm Avenue Capital Group as well as a former regulator and proponent of a digital dollar to its investor ranks.
Lasry notably predicted in the summer of 2018 that bitcoin’s price could top $40,000, as reported by CNBC at the time. He also said that he’d personally invested in bitcoin. At press time, the price of bitcoin is roughly $47,750, according to Coinbase.
According to Dealroom, BlockTower’s portfolio includes Dapper Labs, the blockchain startup behind NBA Top Shot and CryptoKitties, Solana and Origin Protocol.
Disclosure: BlockTower is an equity investor in The Block.
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ChiliZ To Expand Operations, Will Invest $50 Million in the US
Following milestone partnerships with sports teams in Europe, ChiliZ have their eyes set on conquering the United States. The fintech platform will open a new office in one of the world’s major commercial cities, New York.
ChiliZ To Set Up New York Office
Maltese blockchain giant, ChiliZ is scaling up operations after securing several partnerships with top European sports franchises. Reuters reported earlier today that the fan engagement platform would open an office and invest $50 million in the United States. According to its chief executive, Alexandre Dreyfus, the move should bring the firm within reach of top United States sports outfits. He told Reuters :
“A huge focal point for us in our global growth plans is the U.S.. That’s why we’re opening a New York office and investing $50 million into the country’s sports industry in order to launch Fan Tokens with leading franchises from the five major U.S. sports leagues”
On launching Fan tokens, ChiliZ has made headway through its subsidiary, Socios. It has partnered with football behemoths like FC Barcelona, Juventus, Paris Saint-Germain, AS Roma, Galatasaray, and Atlético de Madrid to launch branded fan tokens. These permit owners to engage in club polls, access VIP rewards, and partake in chat forums.
The company currently has offices in Malta, France, Turkey, Korea, Switzerland, and South America. It had earlier announced that it would open offices in New York and Madrid. With the New York office inching towards reality, Chiliz is undoubtedly advancing towards global growth.
Aims To Double Up on 2020 Revenue
Speaking further about the expansion, Dreyfus boasted about his company’s capacity to generate returns for its partners in the sports and entertainment industry. He said:
“We head to the U.S. with a proven track record in generating millions of dollars of revenue for some of Europe’s biggest sporting organisations. In 2020, we shared more than $30 million with our partners, but this year we’re targeting a minimum of $60 million.”
Revenue from the company’s partnership with seven-time European champions AC Milan proves Dreyfus is not bluffing. The Italian football giant launched its token ($ACM) on Binance on February 24th. Within hours of the launch, over $6 million was generated as trading volume hit $50 million in the first 30 minutes.
Big Market For ChiliZ?
For Joseph Edwards, Enigma Securities head of researcher, there is no better time to seize the initiative. He opined that the soaring interest in NFTs indicates a big market. He elaborated further that NFTs bridge the gap between fans and their subject of interest, especially as Covid-19 caused a disconnection.
“Fan tokens right now are just hitting the perfect itch at the perfect time – fans are disconnected physically from their fandom, and this helps bridge that gap,”
NBA Top Shots seems to be a perfect example. The NFT platform has continued to gain momentum as interest surges. It reached a record-breaking $231 million in sales over the past 30 days. Perhaps, ChiliZ is taking a cue from this to target the American sports market.
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