XRP: Decoding the launch of XLS-20 NFTs standard for LTH

Following the eventual implementation of the long-awaited XLS-20 – the standard for XRPL NFTs –  on the XRP ledger mainnet on 1 November, XRP NFTs market logged a complete gross sales quantity of 5,750,000.00 million XRP for XPUNK NFTs and some different XLS-20 NFTs two hours after the launch.

5,750,000.00m $XRP quantity in 2 hours at @onXRPdotcom#XRPNFT is right here to remain. This is greater than @Reddit did.
More than 1 / 4 of whole $ADA/ @Cardano did in a month.

2 hours handed. Starting with @XRPLPUNKS. An enormous alternative for all of us. Something to be actually proud of.

— onXRP.com (@onXRPdotcom) November 2, 2022

XRP seems to be the different approach

XRP continued to commerce in a good vary on a each day chart regardless of the launch of the much-anticipated XLS-20 and the important quantity of XRPL NFTs assortment traded on 1 November. 

As of this writing, the #6 largest cryptocurrency asset exchanged palms at $0.4529, knowledge from CoinMarketCap confirmed. Its value was down by 2% in the final 24 hours, and its buying and selling quantity had additionally declined by 16.55% inside the identical interval. 

While the constructive value correction in the common cryptocurrency market prompted the value of belongings like Dogecoin [DOGE] to shoot by over 100%, the value per XRP continued on its month-long decline.  

At its present value, XRP traded at its February 2021 degree and 88.21% decrease from its all-time excessive of $3.84. 

On a each day chart, shopping for strain had began to say no. At the time of writing, XRP’s Relative Strength Index was noticed beneath the 50-neutral spot at 46.

With weakening shopping for strain, the dynamic line of the asset’s Chaikin Money Flow (CMF) was in a downtrend at 0.05. A continued decline in shopping for strain would push this indicator beneath the heart zero line.

As shopping for strain fell, XRP sellers took the cost, at press time. This was confirmed by the place of the Directional Movement Index (DMI).

The sellers’ energy (pink) at 20.37 rested solidly above the consumers’ (inexperienced) at 14.68.

XRP on the chain

After a chronic decline in the developmental exercise of XRP’s community, the launch of the XLS-20 NFT standard prompted this metric to see some traction on 1 November.

According to knowledge from the on-chain analytics platform Santiment, following the launch of the new NFT standard, developmental exercise on XRP had gone up by 0.1%. At press time, this stood at 26.54.

However, resulting from the constant fall in the value of the asset in the previous few weeks, many of XRP’s holders held at a loss, at press time. On a 30-day shifting common, XRP’s MVRV ratio was -3.481%.

Source: Santiment