Ripple's New Non-Profit Bolsters XRP Prices
- 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.
“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. The fact that the current daily candlestick is trading above the engulfing candle signifies that the trend could soon reverse from bearish to bullish.
The moving average convergence divergence, or MACD, adds credence to the optimistic outlook. This technical indicator, which follows the path of a trend and calculates its momentum, appears to be turning bullish within the same time frame. As the 12-day exponential moving average prepares to move above the 26-day exponential moving average, the odds for an upward impulse are increased substantially.
Regardless, only a daily candlestick close above the 100-day moving average could validate the bullish signals previously mentioned. If XRP can turn this resistance level into support, prices might rise towards the next area of interest represented by the 50-day moving average. This hurdle is currently hovering around $0.27.
It is worth mentioning that failing to turn the 100-day moving average into support would jeopardize the bullish thesis. Under such circumstances, XRP could drop to the 200-day moving average at $0.21 to look for support. Therefore, it is imperative to wait for a clear close above $0.24 before entering any long trades.
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