Updated on January 9, 2023 12:51 PM
On October 19, Ripple(XRP) announced a few essential updates revolving around its ecosystem. The most anticipated announcement was the launch of a new side chain and updates around Ripple’s creator fund. Ripple launched the $250 million creator fund to foster and support the growth of NFTs on the XRP Ledger(XRPL). The announcements left the XRP community buzzing.
Ripple launched the $250 million fund to help developers build potential NFT and XRPL tokenization projects. On the same day of the launch, Ripple announced the second group of creators eligible to receive financing from the newly created fund.
The funds will finance the needs of developers, creators, and artists who are working in real-time to develop real-world use cases for XRP holders. The fund can help developers help in the development of games(P2E games), the media and entertainment industry, real estate, metaverse, etc.
The newly announced fund is a significant and smart move for Ripple to enter the world of NFTs. One of the leading XRPL projects, onXRP.com announced the public launch of the beta version of its marketplace for NFTs. The announcements were a part of the official fund launch. The founders revealed that they will deploy the marketplace initially on the developer's net. This will ensure the marketplace launch is smooth. And users have a good experience.
The charts below indicate the most buzzed and anticipated announcements had no impact on their price. Holders of XRP were expecting a significant increase in the price. Instead of a price hike, XRP witnessed a fall of more than 2%. According to CoinMarketCap, XRP is roughly trading at $0.4625.
On the visible trend line, XRP witnessed an increasing trend in daily time. The support line was under pressure between the range of $0.45 to $0.41. Whereas the points between $0.51-$0.56 witnessed strong resistance on its price. In April, some chart analysis via the price range tool showed that XRP has lost close to 58% of its value in the current downtrend.
Ripple is working to work on its services and expand its ecosystem. If everything goes as stated, the holders of XRP may soon benefit from the increasing demand. With their newly created $250 million fund, the enhancements and developments in the NFT space have started. And this aims to boost the growth and demand of Ripple and widen its user base and use cases. If the development goes as planned, Ripple can be the crypto every person wants to buy. Will Ripple create the next wave of crypto millionaires?