XRP, one of the millennial projects in the cryptocurrency space that is considered a cryptocurrency for bankers. In the process of hitting its previous all-time high, the token has struggled to return to that level due to concerns about whether the asset should be considered a cryptocurrency or a security. Earlier last year, the U.S. Securities and Exchange Commission filed a lawsuit against the company. However, while the ruling is still ongoing, the company behind the cryptocurrency project appears to be winning soon and starting to reach more key milestones. Recently, the price of Ripple's native cryptocurrency spiked by 6 percent overnight. It was observed that the price recovered after thousands of applicants lined up to apply for the $250 million NFT fund.
XRP prices are starting to show a bullish trend
Earlier this weekend, the price of XRP surged. After surpassing the $0.8452 price level, the digital currency rose 10% overnight. According to analysts, the price of its $250 million NFT Founders Fund soared as the leading financial technology company received more than 4,000 applications.
Following market sentiment and price trends, analysts are completely bullish on the price of digital currencies. Some analysts expect cottage coins to rebound.
Why is Ripple partnering with NFT Marketplace?
Since the last few years, NFT continues to gain significant traction. In 2021, many odd items sold for millions of dollars after having practical utility. As demand for these collectibles has risen dramatically, the NFT market has seen a surge in trading volume.
As the global NFT market reaches $25 billion by 2021, the company behind XRP is partnering with the NFT market. Through the partnership, Ripple aims to provide a faster and cheaper transaction experience in such markets.
These NFT marketplaces integrate with the Ripple ledger to enhance the NFT marketplace experience for users. However, XRP's community of independent creators can now use its built-in fast and low-cost infrastructure to launch their non-homogeneous token projects.
Through Ripple's NFT Creator Fund and strategic partnerships, the fintech company is now leading more creators into the future of tokenization, according to Monica Long, managing director of RippleX. In fact, Ripple is now attracting more NFT applications and use cases to be implemented on the distributed ledger.
How will the NFT Creators Fund help artists?
The $250 million fund is dedicated to helping creators start with irreplaceable tokens. There is a built-in decentralized exchange that provides fast settlement and supports local cryptocurrency collections.
According to some calculations, XRP price trends indicate a bullish outlook. The thinnest areas of the cloud seem to indicate that the market is moving in the price momentum of the cottage coin.