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The cost of XRP has soared by 55% to a 3 year high, owing to a boost for economic growth.

The latest cross-border payment processing development, as well as an increased force to boost global financial inclusion and participation, has caused a 55% rise in the cost of Ripple. The price of XRP has surged by 55% over the last couple of days even as the sixth-largest cryptocurrency by market cap reasserted the attempts to develop a sustainable and equitable cross-border payments system.

The increase in trading volume was motivated by a blog by Ripple named “Creating a More Financially Sustainable and Inclusive Future,” that explained how its venture has teamed up with “mission-driven fintech firms, prestigious universities, NGOs, organizations, and entrepreneurs to establish increased economic equality of opportunity and advantage to everyone.”On April 5, a new wave of buys responded effectively to Ripple’s official statement explaining the most recent addition intended to optimize the cross-border impact:

The latest reports have resulted in a 257 % in XRP market cap in the last two days, with an average 24hr volume of $5 billion exchanged on April 4 expanding to $18.4 billion exchanged on April 5. Analysts believe that relying on its rapidly increasing value, the cost of XRP may have room to grow further, as market and Twitter numbers remain high dramatically.

XRP holders are seeing another day of green candles, with the token up 18.36% in the past 24 hours to $0.968 apiece as of 2:30 p.m. EDT. On Aug. 9, the Senate blocked a provision in the newly passed $1.2 trillion infrastructure legislation that called for greater regulation of cryptocurrencies, sending the sector into a broad and extended rally.

Ripple, the company behind XRP, is also benefitting today from new development in its lawsuit from the Securities and Exchange Commission. Yesterday, despite the presiding judge’s insistence, the SEC refused to hand over evidence discovery documents to Ripple’s defense team.

Back in December, the SEC charged Ripple with offering unregistered securities amounting to $1.3 billion starting in 2013. Even though the lawsuit has gone nowhere and XRP’s market cap has ballooned to a level where its parent entity can offer tokens to settle, it severely damaged the reputation of the token. This is because Ripple’s greatest competitor is the Society for Worldwide Interbank Financial Telecommunication or SWIFT. SWIFT processes large-scale transactions across 11,000 financial institutions (such as the Federal Reserve) in more than 200 countries. Until Ripple resolves its allegations, not many global banks, treasuries, etc., would want to use the service if it’s not compliant with regulatory bodies.

Also read : Visa taking steps to encourage cryptocurrency for use in settlements!

Let us first know about NFTs.

What Is a Non-Financial Transaction (NFT)?

The term “non-fungible token” refers to a piece of digital code stored on a blockchain (also called distributed ledger technology).

A digital asset, such as a work of art, a video clip, or the first Tweet, can be permanently registered on a blockchain via an NFT.

Ownership and provenance can be promptly verified.

For the first time, it is possible to achieve digital scarcity.

You may have heard about 3LAU, an EDM producer, and Grimes, a pop musician, selling NFT artworks for millions of dollars.

Christie’s New York created history in October 2020 when it sold Portraits of a Mind: Block 21, the first-ever NFT-linked tangible artwork, for $130,000.

Beeple, a fully digital work by the NFT, is up for auction, with a current bid of $13.25 million.

So, what exactly is the deal with NFTs?

How does it make artists wealthy?

Is this the start of a new crypto bubble?

What impact is it having on the art world?

Art collecting may be traced all the way back to Egypt, India, China, and Babylonia’s early civilizations.

The way individuals buy, collect, and store art has evolved.

The demand for digital artwork is increasing as we move into the digital age.

However, authenticity and distinctiveness are issues with digital artwork.

You make digital art and share it on the internet.

NFTs are used to create digital artworks that are similar to physical artworks.

They transform digital art into a tangible item.

Because NFTs are stored on the blockchain, no one can completely replicate the artwork they are linked to.

This allows digital artists to sell their work while also remaining authentic and avoiding concerns such as piracy and duplication.

NFT artworks have recently sold for millions of dollars at auction, indicating that individuals wish to collect them.

The motivations for purchasing a digital NFT artwork are several.

You can either buy it because you like it or as an investment.

From the standpoint of an artist, NFT is a fantastic opportunity to communicate directly with your collectors.

It also goes without saying that NFT makes artists wealthy.

NFTs in the Future

Digital art is enjoying a moment, but where does it go from here?

NFTs, on the other hand, can open doors to much more than just financial ownership.

For collectors, artists can create one-of-a-kind digital experiences.

Let’s Have a Quick Look at NFTs

Before we get into the impact of NFTs on the art world, let’s first take a look at what NFTs are and how they work.

Non-fungible tokens (or NFTs) are based on blockchain technology and, like fungible assets like Bitcoin or other cryptocurrencies, provide a secure record of transactions.

Fungible assets, on the other hand, can be replaced with another identical entity of the same type.

Also read: Should you still invest in Dogecoin?