Ripple’s new partnership may have this in store for NFT enthusiasts
- Ripple announced new partnership that could help boost growth in NFT markets
- However, the popular NFTs have not performed well in recent days.
Despite Ripple’s ongoing litigation, the company continued to show improvements and tried to work on its performance in terms of NFTs.
Read Ripple price prediction 2022-2023
In a recent announcement created by Ripple, it was stated that the XRP Ledger partnered with the Eternity chain to enhance its presence in the NFT space. This update could help Ripple grow into the NFT market.
At the time of writing, Ripple‘s popular NFTs, for example XPUNKS and BLOCKCHAIN BACKER, had performed poorly. Over the past seven days, floor prices for both collections have weakened by 0.54% and 51%, respectively, according to data provided by onXRP.com
This new collaboration could help Ripple’s NFT market.
Although the best NFTs on Ripple network did not witness any improvements, Ripple observed positive growth in other areas.
Looking at the data
Ripple’s network growth saw a massive increase, as can be seen from the image below. An increase in network growth means that the number of new addresses that transferred a XRP for the first time had increased.
However, Ripple’s speed dropped significantly in the last month, indicating that the frequency with which XRP had been moving across various addresses had decreased.
Activity on the Ripple network
Another factor that suggested a decline in activity was the discontinued daily active addresses on the network. As can be observed from the image below, along with Ripple’s speed, the number of daily active addresses on the network also dropped.
Source: Sentiment
Although the daily activity on Ripple The network dropped, the number of new accounts activated on the ripple network continued to grow.
Along with that, growth was observed in the number of transactions made on the network, according to data provided by XRPSCAN.
Source: XRPSCAN
However, Ripple’s market cap dominance continued to decline, as seen in the chart below.
At press time, XRP had captured 2.22% of the total crypto market and its market cap dominance had weakened by 7.75%.
Source: Messari
Despite its declining market dominance, XRP‘s price continued to move upwards.
At the time of writing, XRP was trading at $0.387 and the price had risen by 8.72% in the last 24 hours, according to data from CoinMarketCap. However, the volume witnessed a decline of 31% during the same time period.
