Bitcoin, Ether, and other leading cryptocurrencies are currently in the green after recording gains in the last 24 hours.
However, Ripple’s XRP is the only cryptocurrency in the top 10 to be in the red, as it is down by 1%.
XRP has underperformed since hitting a multi-year high of $3.66 in July. However, the coin could turn things around soon and rally higher in the near term.
XRP Ledger validator proposes a Batch Amendment
XRP could rally higher in the near term as a validator in the ecosystem has submitted a proposal that could introduce NFT trading features within the blockchain.
The Ripple ecosystem is excited by the proposed XRP Ledger amendment, Batch (XLS-56).
The new Batch functionality would enable multiple transactions, including minting and payments for non-fungible tokens (NFTs), to be bundled and executed automatically.
The Batch amendment on the Ripple blockchain will enable the creation of a fully peer-to-peer NFT-to-NFT trading platform, allowing users to execute barter-like NFT swaps in a single transaction.
The Batch amendment seeks to introduce atomic transaction capabilities to the XRP Ledger, enabling users to execute multiple operations simultaneously as a single unified transaction.
This amendment adopts an all-or-nothing approach, where all transactions in the group are either completely fulfilled or not at all. This method eliminates the risk of partial execution failures.
Currently, the Batch amendment has achieved 68.57% consensus among validators, with 80% required for activation.
The amendment could significantly improve trading volume on the XRP Ledger and consequently lead to a surge in XRP’s price.
XRP eyes $2.8 despite poor PA
The XRP/USD 4-hour chart is bearish and close to gaining efficiency as the cryptocurrency added more than 10% to its value last week. However, it failed to pump as the other leading cryptocurrencies rallied higher.
At press time, XRP is trading above the 200-day EMA at $2.61, down 1% in the last 24 hours. The technical indicators on the 4-hour chart are bullish, suggesting further gains in the near term.
If XRP breaks above the $2.69 resistance in the near term and closes the daily candle above this level, it could extend its gains towards the next daily resistance at $3.40.
However, it would need to overcome the resistance at $2.80 before rallying higher.
The RSI of 70 shows that the buyers are in control and could push XRP’s price higher in the near term. Furthermore, the MACD lines had a bullish crossover last week, reiterating the buying pressure.
However, failure to close the daily candle above the $2.69 resistance could see XRP face a correction. If that happens, it could extend its decline towards the next major support level at $2.35.
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