Lotus Signs Partnership with Ripple to Use XRP Ledger in NFT Launch

Updated:

Ripple (XRP) has penned a partnership with UK-based sports car manufacturer Lotus to launch an automotive-based non-fungible token (NFT) collection on the XRP Ledger (XRPL).

Responding to a tweet from Lotus announcing the latest partnership, Ripple tweeted:

“We’re excited to partner with @lotuscars to help bring automotive #NFTs to the #XRPL.”

The announcement of the partnership first made headlines last week after Lotus revealed it to the press. At the time, the automobile manufacturer noted that it planned on venturing into the NFT industry through a collaboration with Ripple and NFT Pro.

Lotus elaborated that Ripple would provide technical support via its super-efficient, low-cost, fast, and carbon-neutral XRP Ledger.

The NFT collection will be categorized under Lotus’ Advanced Performance unit, a recently-created department of the car manufacturer. Furthermore, the digital collectibles will be designed and created in-house using the Lotus design, with each unit reportedly paying tribute to each legendary performance car brand.

The XRP ledger has continued to gain massive adoption for numerous use cases. Many fintech companies have adopted the technology to enhance or develop decentralized exchange and cross-border payments.

Ripple’s XRPL has also seen mass adoption in NFT use, with legendary NBA star Michael Jordan recently announcing an NFT launch in the XRP Ledger.

Key Ripple Levels to Watch — June 29

Ripple suffered a defeating bearish blow over the last 24 hours, despite previously being in a bullish flag pattern. The eighth-largest cryptocurrency fell to the $0.3200 low a few hours ago, followed by a bounce towards $0.3300.

XRPUSD – 4-Hour Chart on Bitfinex. Source: TradingView.

A bearish continuation to the $0.3000 in the coming days seems likely given the prevailing sentiment across the broader market. That said, the $0.3200 mark is the level to beat for bears.

Meanwhile, my resistance levels are $0.3400, $0.3500, and $0.3600, and my support levels are $0.3200, $0.3000, and $0.2500.

Total Market Capitalization: $898.3 billion

Ripple Market Capitalization: $15.8 billion

Ripple Dominance: 1.76%

Market Rank: #8

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.