Ripple’s non-profit organization, the XRP Ledger Foundation boosted the XRP prices which means it gave the token a shot at retaking critical support levels as we are reading in the XRP price news.
The XRP Ledger Foundation, Ripple’s Non-profit organization was created to help speed up the development and adoption of the Ripple blockchain. The announcement was met with excitement in the XRP community which pushed the prices to a critical resistance barrier. Hitting the $0.24 hurdle into support will help XRP rise to new levels at $0.27. Ripple launched a non-profit organization that is tasked with achieving mass adoption for the XRP ledger as investors welcomed the initiative by pushing the price up by more than 9%.
Some of the Ripple defectors such as Jed McCaleb continue to dump the tokens on the market and other market participants joined with the BUIDL movement. The contributors to the XRP Ledger launched a new independent non-profit entity that will speed up the development and the adoption of the blockchain. The foundation aims to improve the different areas such as amendments, governance and core code and the list of validators to create a dynamic ecosystem that boosts the growth and innovation as David Schwartz, the CTO of Ripple said:
“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.”
The announcement was met with the excitement in the XRP community as investors seem to have rushed to exchanges to purchase the token pushing the prices up by about 9% in the past 40 hours. The multiple technical indexes suggest that the cross-border remittances cryptocurrency has more room to go up. The upswing created a bullish engulfing candle on the charts and this pattern is seen as a positive formation that will help the prices go further. The fact that the daily candlestick is trading above the engulfing the candle shows that the trend will soon reverse from bearish to bullish.
It’s worth mentioning that the failed turn to the 100-day moving average into the support will pose a risk to the bullish thesis and XRP could drop to the 200-day moving averages at $0.21.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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