Ripple’s New Non-Profit Bolsters XRP Prices

Key Takeaways

  • The XRP Ledger Foundation was created to help accelerate the development and adoption of Ripple’s blockchain.
  • The announcement was met with excitement within the XRP community, pushing prices to a critical resistance barrier.
  • Turning the $0.24 hurdle into support would help XRP rise to its next resistance level at $0.27.

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Ripple launched a new non-profit organization tasked with achieving mass adoption for XRP Ledger. Investors welcomed the initiative by pushing XRP prices up by more than 9%.

Encouraging Growth and Innovation

While some of Ripple’s defectors like Jed McCaleb continue dumping their tokens on the market, other market participants have joined the “BUIDL” movement. Long-time contributors to the XRP Ledger have launched a new independent non-profit entity to accelerate the development and adoption of its blockchain.

The XRP Ledger Foundation aims to improve different areas such as governance, amendments to the core code, and the list of validators to create a dynamic ecosystem that encourages growth and innovation.

SIMETRI small cap big gain

“Through the Foundation, they will support and provide resources to others building applications and infrastructure for the community. We and the community have worked over the past 8 years to dramatically increase the decentralization, performance and feature set of the XRP Ledger and remain committed to its future growth and innovation led by the Foundation,” said David Schwartz, CTO at Ripple.

The announcement was met with excitement within the XRP community. Investors appear to have rushed to exchanges to buy the token, pushing prices up by more than 9% in the past 40 hours. Now, multiple technical indexes suggest that the cross-border remittances altcoin has more room to go up.

XRP Flashes Bullish Signals

The sudden upswing created a bullish engulfing candle on XRP’s 1-day chart. This type of technical pattern is considered a positive formation that could help prices advance further….

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