XRP price prediction remains slightly bearish as it’s crossing below the 50-day moving average support at $0.4545. On October 31, the XRP community received a significant upgrade that has the potential to fundamentally change the course of the ecosystem. Ripple CTO David Schwartz announced on November 1 that the XRP Ledger now supports XLS-20. It means that the ledger will eventually support NFTs.
With the launch of XLS-20, the XRP Ledger network designed a standard protocol for NFTs, representing a significant advancement for NFT apps and projects developed using the XRPL. This version enables the transmission and storage of NFTs as well as their production via the XRPL network.
— David "JoelKatz" Schwartz (@JoelKatz) October 31, 2022
Even though XRPL already has asset tokenization capabilities, David Schwartz claims that the invention represents a significant step forward in the ability of artists and developers to create sophisticated Web3 projects with practical applications. He thanked everyone for their contributions to making the innovation a reality.
Furthermore, he stated that the XLS-20 update enabled native NFT on the XRP Ledger. It will pave the way for the creation of one-of-a-kind assets, as well as efficient and secure operations to manage them. XRP is Ripple Labs’ native token, and advancements in the network will benefit the price of XRP/USD.
XRP Price Steady as SEC Case Takes an Unexpected Turn
The Securities and Exchange Commission (SEC), which may issue its final decision in the first half of 2023, and Ripple are currently engaged in a legal battle. Coinbase, America’s largest cryptocurrency exchange, has endorsed Ripple.
On October 31, Coinbase’s chief legal officer, Paul Grewal, tweeted that the exchange has asked US District Judge Analisa Torres for permission to file an amicus brief, also known as a “friend of the court,” in the SEC’s legal case against Ripple.
Paul Grewal, Coinbase’s chief legal officer in a series of tweets on Oct. 31 said the exchange had asked the presiding judge for permission to file an amicus brief, saying the case was a “textbook” definition of “just how critical fair notice is.” #DigifinexAirdrop
— Paola Mishell (@PJustinia) November 1, 2022
Grewal describes the situation as a “textbook” example of “just how critical fair notice is.” If Coinbase’s request is granted, the company will join the Blockchain Association, the cryptocurrency payments app SpendTheBits, and the non-profit Investor Choice Advocates Network to support Ripple’s SEC legal defense.
Furthermore, the submission comes just days after Rhode Island lawyer John Deaton requested permission from the case’s court hearing to file an amicus brief on behalf of the decentralized XRP community. In addition to the recent good news for Ripple, there are rumors that the SEC will likely lose the case, which could cause XRP/USD to skyrocket.
XRP Whales Move 975.1 Million Tokens – XRP Price Supported
Ripple (XRP) whales have transferred a staggering 975.1 million XRP in less than two hours, according to the blockchain tracking portal Whale Alert. The transfer of 500 million XRP, or $230.36 million, from an anonymous wallet to a Ripple Escrow wallet was the largest transaction ever. The second-largest transaction was an anonymous wallet transfer of 300 million XRP, or $138.56 million, to Ripple.
— Whale Alert (@whale_alert) November 1, 2022
On November 2, Whale Alert tweeted that 500 million XRP tokens had been immediately “escrowed” at the Ripple Escrow wallet, which allows users to make conditional cryptocurrency payments. Furthermore, they placed 200 million XRP tokens in escrow in a secret wallet. A whale transferred 60 million XRP, or approximately $28 million, from an anonymous wallet to the Bitstamp cryptocurrency exchange in Luxembourg, according to data.
Only 21 seconds after receiving the assets, the same Bitstamp address transferred 60.9 million XRP (worth $28.4 million) to an unknown wallet. According to Whale Alert, 54.23 million XRP, or approximately $25 million, were transferred from unknown wallets to the Mexican cryptocurrency exchange Bitso.
The XRP/USD pair is currently at $0.4570, up 0.25% in 24 hours. On November 3, the XRP/USD pair opened the day at $0.4636, rising to a high of $0.4595 before falling to a low of $0.4490. The XRP/USD pair is trading sideways, with immediate support near $0.4410 and resistance near $0.4700.
Above this, the $0.4700 level has the potential to rebound to the $0.5122 level and even $0.5400. While the support level continues to hold around $0.4420.
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