Ripple to Reclaim $1 After Developer-Focused Grant Announcement—Analysts
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This bullish prediction comes after the sixth-largest cryptocurrency posted a decent 7% gain over the past week amid a choppy trading pattern.
Ripple pledged a whopping 1 billion XRP grant (worth $780 million using the current exchange rate) for developers building projects on the distributed ledger (XRPL). The company believes that this grant would encourage developers to build on the network and attract other projects from other blockchains.
The announcement sparked a bullish sentiment for XRP among investors, as it would likely attract new investors to the asset.
Meanwhile, a similar grant scheme already exists on the platform and goes by the name “XRPL Grants,” which was initiated in June 2021.
As expected, grants for developers have significantly increased Ripple’s pace of development, as it attracts more users, thereby scaling adoption for the altcoin.
Analysts believe that Ripple’s current price trend could continue in the medium term. However, they also cautioned that a swing to the $0.7700 mark could occur soon, where traders will likely take profits off the table, as the crypto-asset remains on track to hit the $1 mark.
Key Ripple Levels to Watch — March 18
XRP has receded from a recent spike to the $0.8000 top after 24 hours of bullish momentum following a bullish rally in Bitcoin. However, the cryptocurrency has fallen back under the critical resistance trendline.
Regardless, the recent bullish wave has put Ripple firmly in bullish momentum, as indicated by the 4-hour 100 EMA. As we head into the weekend, I expect to see some fiery bullish action in the market and a possible decisive break above the $0.8000 top.
Meanwhile, my resistance levels are $0.8000, $0.8250, and $0.8500, and my support levels are $0.7500, $0.7300, and $0.7000.
Total Market Capitalization: $1.83 trillion
Ripple Market Capitalization: $37.6 billion
Ripple Dominance: 2.05%
Market Rank: #6
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