Ripple enters the NFT space to lower gas fees as XRP price tiptoes above $1

May 26th, 2021

Siam Commercial Bank (SCB) and Ripple

Ripple intends to deal with high gas fees in the non-fungible token (NFT) marketplaces. Despite the NFT flooding the cryptocurrency space headlines, especially in the first quarter of 2021, high gas fees have almost crippled the sector.

The drastic rise in the NFT culture is a story to reckon with; however, users are forces to accept dwindling interest due to the challenging process of transferring ownership.

On the brighter side, Ripple has made public the plan to combat the challenge by integrating the NFT marketplaces on the XRP Ledger. The development will favor both buyers and sellers in the relatively new sector. Moreover, the integration is a welcome for all, keeping in mind that the novel consensus XRPL uses to validate transactions utilizes minimal amounts of energy. According to a statement from the blockchain company:

“Building on the XRP Ledger provides developers a unique opportunity to run more sustainable NFT apps and marketplaces while eliminating a heavy burden for the planet.”

Ripple price rises above $1

Ripple had on Tuesday corrected from levels marginally above $1 after bulls ran out of steam to continue with the uptrend trailing from the primary support at $0.65. Higher buyer congestion at $0.9 ensured that focus remained on recovery; hence, the liftoff above $1.

The Moving Average Convergence Divergence (MACD) indicator validates the prevailing uptrend as it closes the gap to the zero line (0.00). Besides, the MACD keeps widening the divergence above the signal line, affirming the bullish grip.

XRP/USD four-hour chart

XRP/USD price chart
XRP/USD price chart by Tradingview

Similarly, the Relative Strength Index (RSI) has a bullish outlook based on its movement from the oversold area toward the overbought region. On the upside, XRP must deal with the resistance at the 50 Simple Moving Average (SMA), which will allow bulls to gaze at higher levels around $1.4.

Ripple intraday levels

Spot rate: $1

Trend: Bullish

Volatility: Low

Support: $0.9 and $0.8

Resistance: the 50 SMA, $1.2 and $1.4

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