Besides the legal fight with the SEC, Ripple came up with 3 important news today. Will these news help the XRP price bounce?
NFTMaster announces expansion to Ripple network
In the first news, NFTMaster, the free NFT app, announced that it has launched its NFT platform on the Ripple XLS-20 Devnet. NFT traders can now trade NFTs on NFTMaster.
XRP Ledger introduced a new proposal called XLS-20 in January 2022 to support NFTs on the Ripple network. With the help of this update, developers can operate on NFTs. XRP Ledger thus becomes one of the popular platforms for the construction and development of NFTs.
More support for CBDCs from Asia Pacific, Ripple first
After introducing the XRP Ledger, which offers central banks a secure solution for managing crypto, partnerships are on the rise with new news from Ripple. The company has long maintained that its ledger technology will be the foundation of CBDCs. The CBDC (Central Bank Digital Currency) is an important milestone for the global adoption of cryptocurrencies. Ripple leads the industry with its work in this area.
Coming to the news, nine out of 10 central banks are currently investigating CBDCs, according to a survey by the Bank for International Settlements. Also, 85% of leaders in financial institutions think their country will launch their own cryptocurrencies in the next four years. Ripple also revealed in a report released on July 14 that the Asia Pacific region is the most optimistic about the future of CBDCs. We will be reporting future developments in this regard.
Jed McCaleb’s XRP wallet is about to run out
Jed McCaleb received 9 billion XRP as compensation after leaving Ripple. He is a name that comes to the fore as he sells them. According to XRPscan, former Ripple CTO Jed McCaleb has a total of 5.3 million XRP in his wallet. 2.77 million XRP left in the wallet today. However, 2.8 million XRP was transferred to the wallet today. We don’t know why McCaleb needed to top up with such an amount. However, it can be assumed that the last sale was in order to make it proportional to the previous ones.
Since the start of the week, Jed McCaleb’s XRP position has dropped 11.2 million XRP. Judging by the transactions made, XRP sales took place in the morning with limit orders of 4.7 million XRP through the XRPL ecosystem. If wallet emptying continues at the same pace, the XRP community has a chance to get rid of MacCaleb’s “burden” by tomorrow at the latest.
As we covered in cryptokoin.com news, Jed McCaleb is famous for selling XRPs that are unlocked periodically. But the old Ripple CTO is about to run out of balance. These sales had previously caused selling pressure on the XRP price.
Will XRP explode?
Meanwhile, XRP continues to trade around the $0.335 support/resistance level. Given its high buying volume and momentum towards resistance, analysts see XRP poised to bounce.
According to experts, the XR price really has a chance of such a price move. Especially if there is positive news such as McCaleb selling XRP positions outright.
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