Analyst Ben Armstrong unveils 3 price catalysts that can push XRP back to its ATH
Despite the ongoing battle with SEC, Ben Armstrong unveils that XRP ecosystem keeps evolving and expanding in which it is legging up into the NFT space with huge expectations to explode.
According to the trader, over the last nine years, the XRP community has been committed to the innovation and forward progress of the XRP Ledger (XRPL) to dramatically increase its decentralization, performance and feature set. However, back in June 2021, there was a new feature coming up for XRP.
Federated Sidechains, introduced in June, will enable federated finance to smart contracts within the broader XRP ecosystem without decreasing XRP’s speed or efficiency. The trader adds that this also enables developers to unlock new capabilities concerning DeFi, NFTs and interoperability.
“Federated Sidechains will immensely expand the use cases for XRPL,”
Armstrong highlights that the successful features on sidechains may shape the future of the XRPL mainnet in which developers can also create private or public sidechains, with public sidechains available for the community to leverage for various use cases.
Another price catalyst that would make NFT reach its ATH again is NFT. According to Armstrong, Ripple is also making a splash in the NFT world. In a recent tweet, they announced they launched a $250 million Creator Fund to enable creators to explore new use cases for NFTs on the XRP Ledger.
Besides, the crypto KOL suggests that Ripple would also address growing concerns relating to the minting of the tokenized artwork, which includes clunky user experiences, high transaction fees, and the possible environmental concerns relating to minting.
Songbird (SGB), the canary project of Flare Network, has officially taken flight and exited its Observation mode.
“Flare launched this live Canary sidechain that will be a testing ground for the main network, which will come later depending on how many problems Songbird uncovers. Assets on Songbird are real and tradable instead of testnet coins.”
According to the trader, Songbird will be airdropping free SGB to XRP holders based on the same snapshot as of Flare which was taken at the first validated XRP ledger index number. Eligible users will get free SGB at a ratio of 0.1511 SGB : 1 XRP.
“The XRP ecosystem is bullish as ever. The night may seem dark with a looming SEC case, but it’s always darkest before the dawn. With smart contract functionality and NFTs on the horizon, as well as Flare’s new Canary project starting to sing its song, the price action for XRP in Q4 is going to rise up into the sky faster than the morning sun.”