- Ripple price started an uptrend, posting 7% gains over the past week as the payment giant announced a grant for developers.
- A representative of RippleX revealed that the payment giant would carry out the distribution of the grant over the next 10 to 20 years.
- Analysts believe the next Ripple price target is $1, while the altcoin remains range-bound and consolidates.
Ripple price could climb higher, chasing a $1 target as the payment giant announces a grant for developers on the distributed ledger. The grant would be distributed to developers within the next 20 years.
Ripple price eyes breakout in the recent uptrend
Ripple price started a rally, posting 7% gains over the past week. Multinational payment giant Ripple geared up its plans to power the development of open-source projects on the XRP ledger.
Ripple announced a 1 billion XRP grant for developers building on the distributed ledger. The giant believes this would incentivize creators and developers to build projects following Ripple’s payment orientation.
One billion XRP tokens are the equivalent of $791 million at the current price. The announcement has fueled a bullish narrative for the altcoin among investors, as it could attract investors to the XRP.
An existing scheme of grants for project developers on the distributed ledger exists by the name of “XRPL Grants.” The initiative was launched in June 2021.
Grants for developers have boosted the pace of development, attracting more users and scaling the adoption of the altcoin. Analysts have evaluated the Ripple price trend and predicted a continuation of the altcoin’s price rally.
Analysts believe traders could take profits at $0.77 as Ripple price remains on track to hit the $1 target.
@rektcapital, a pseudonymous cryptocurrency analyst, believes Ripple price is on its way to $1 as it attempts to reclaim July 2021 support. Ripple price would eye $1 once it reclaims its July 2021 support at $0.94.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Price Forecast: Chances of pullback increase as miner selling ramps up
Bitcoin (BTC) price extends its decline for a second consecutive day on Wednesday, trading slightly down at around $87,600 after a 30% surge since November 5 pushed BTC to a new all-time high at $89,940.
Crypto fraudster pleads guilty of taking part in $73 million laundering scheme
Daren Li, a Chinese citizen, pleaded guilty to conspiracy to help launder $73 million stolen in cryptocurrency scams. Li laundered funds using a network of shell companies and international bank accounts.
Cardano bulls show signs of exhaustion
Cardano’s price is falling on Tuesday as it faces rejection around $0.624 and traders engaged in profit-taking following the recent rally. Technical indicators show signs of weakness in upward momentum as the RSI exits from the overbought territory.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP could face pullbacks
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trade in the red on Tuesday following strong rallies since last week, driven by crypto-friendly candidate Donald Trump's election victory.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.