Non-fungible tokens (NFTs) have brought a race-within-the-race to cryptocurrency. While networks are duking it out to pull in the most active users, the most lucrative dApps and the fastest transaction times, many are now also vying for entry into the trending industry — one that is certain to gain more importance in the coming years. Ripple (CCC:XRP-USD) is looking to throw its hat in the ring with its new announcement. XRP price predictions are now indicating whether analysts think the ploy is going to work.
Ripple isn’t the typical NFT play, based on its business model. Its developers, above all else, intend the XRP ledger to be the end-all, be-all of international money wiring. The network subverts the hefty fees typically required of a money wire, making it one of the most popular blockchain plays available. It also has brought great scrutiny, with the Securities and Exchange Commission (SEC) accusing the network of fraudulent activities. Now, Ripple is caught in one of the largest and most venomous lawsuits in the history of crypto in the U.S.
With a legal battle still roiling nearly a year after its opening, Ripple is looking to introduce new products to its network. This brings us to this week’s big Ripple NFT announcement.
XRP Price Predictions Get Hot After $250 Million NFT Announcement
Ripple knows NFTs are a large part of the future of blockchain; that’s exactly why the network is taking a large and lucrative bet on the asset class. This week, Ripple is unveiling its $250 million Creator Fund, which will help it to capitalize on the trend.
What’s especially interesting about the Creator Fund is that Ripple wants to push the boundary of NFTs far beyond its use case as a digital art authentication mechanism. Where it plans to go is opaque, but for now, it is offering its contribution to the digital art world. It plans to use the $250 million fund to make the development and minting of new NFTs easier and faster to transact.
As it stands now, the XRP coin is worth 94 cents. What could this new arm of the Ripple network mean for the future of the XRP coin? Let’s take a look at some XRP price predictions and see where the analysts think Ripple is heading:
- WalletInvestor’s 12-month prediction for XRP places a target of $1.52 on the coin by September of 2022.
- The Economy Forecast Agency thinks XRP can close the gap on $1, reaching as high as $1.05 before the end of 2021. Although, it appears that the outlet believes XRP will stagnate through the next year, or at least until it overcomes its lawsuit woes. By next September, the site is predicting a $1.01 price target.
- Gov Capital’s September 2022 prediction for XRP prices the coin at $1.38.
- Most bullish of the pack is DigitalCoin. The site predicts a $1.44 target for XRP before the end of this year. By the end of 2022, it expects that value to inflate to $1.63.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.