XRP price skyrockets as 4k applicants queued for NFTs fund

XRP, one of the millennial projects in the cryptosphere that is deemed as the banker’s cryptocurrency. Amid hitting its previous all-time high, the coin struggles to get back the level due to concerns whether the asset should be considered as cryptocurrency or securities. Earlier last year, the US Securities and Exchange Commission filed a lawsuit against the firm. However, although the rulings are ongoing, it seems that soon the firm behind the crypto project will win and begin to hit more key milestones. Recently, the price of Ripple’s native cryptocurrency skyrocketed by 6% overnight. It is observed that the price recovered following thousands of applicants queuing for a $250 million NFT fund.

XRP price began to witness bullish trends

Earlier this weekend, the price of XRP spiked significantly. The digital currency posted a 10% gain overnight after surpassing the price level of $0.8452. According to analysts, the price soared as the leading fintech firm received more than 4k applications for its $250 million worth NFT creator fund.

Following the market sentiment and price trends, the analysts are entirely bullish on the price of the digital currency. Some analysts are expecting a rally in the altcoin.

Why is Ripple partnering with NFT arketplaces?

NFTs are continuing to gain notable traction since the last few years. In 2021 many weird projects got sold for millions of dollars after having real utility. As the demand for these collectibles surged the trading volume on NFT marketplaces also skyrocketed.

Following the global NFT market value hitting $25 billion in 2021, the firm behind XRP partnered with NFT marketplaces. With the collaborations, Ripple aims to offer faster and cheaper transactions experience on such marketplaces.

These NFT marketplaces integrate Ripple ledger to boost NFT marketplace experience for users. However, now the XRP’s community of independent creators could kick start their Non-Fungible Token projects using its ledger’s built in fast and low cost infrastructructure.

According to Monica Long, General Manager of RippleX, by way of Ripple’s NFT Creator Fund and strategic partnerships, the fintech firm is now leading more creators into the tokenized future. Indeed, Ripple is now attracting more NFT applications and use cases to life on the distributed ledger.

How will the NFT Creator Fund help artists?

The $250 million fund is committed to help creators start with Non-Fungible Tokens. There is a built-in decentralized exchange that offers fast settlement and supports native crypto collectibles.

According to some calculations, the XRP price trend indicates a bullish outlook. The zones where the cloud seems thinnest signals that the market moves in the altcoin’s price momentum.