Ripple’s XRP Shoots 22% Amid High Development Activity

By Bhushan Akolkar
Published August 15, 2021 Updated August 15, 2021
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Ripple’s XRP Shoots 22% Amid High Development Activity

By Bhushan Akolkar
Published August 15, 2021 Updated August 15, 2021

All the overall crypto market enters a minor consolidation post the solid rally, Ripple XRPcontinues to inch northward. At press time, XRP is trading 22% up at a price of $1.33 and a market cap of $61.6 billion.

Over the last week, XRP has gained more than 60% even outperforming other top performers like Cardano’s ADA. Thus, it has successfully managed to decouple from the rest of the crypto crowd. It is for the first time in three months that XRP is trading at such high levels.

As on-chain data provider Santiment writes, the price action follows the high development activity on the Ripple blockchain.

Before it decoupled from the #crypto pack, we saw hints of development activity skyrocketing. #XRP‘s team is now submitting the highest #github activity rate in the asset’s history.

XRP Ledger Supporting the NFT Innovation

Ripple is looking to jump into the latest NFT trend and noted that the XRP ledger is very much suitable to help grow non-fungible tokens (NFTs) further.

Ripple CTO David Schwartz noted:

The XRP Ledger delivers a unique combination of the low cost, high speed and good payments features needed to streamline NFT creation at scale. In particular, the Ledger’s ability to maintain consistent transaction fees—something which is impossible on most other platforms today—as a key benefit for both buyers and sellers.

Non-fungible tokens (NFTs) have created a major rage in the crypto space. Almost every big blockchain project is looking to NFTs on its platform to expand the ecosystem further.

Etheruem currently enjoys the lion’s share in adopting and hosting NFTs. They provide a unique way to digitize scarcity assets by facilitating easy entry to new market players. Ripple’s adoption for NFTs could set it up for the next level of growth and help them expand its market presence in the crypto space.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan Akolkar
820 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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