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Announced Inaugural Awardees of XRPL Grants to 25 Grantees from 10+ Countries

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XRPL recently announced the inaugural awardees of XRPL Grants which were presented by RippleX with XRPL Labs as a technical advisor.

The XRPL Grants Program provides the funding to independent developers, which build a variety of self-selected projects which leverage the XRP Ledger’s open-source technology and further accelerate the Internet of Value.

The program welcomes applications from any project which builds on the XRP Ledger (XRPL) and involves some kind of technical development.

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For the first wave of the XRPL Grants Program, applications were invited from open-source projects which built on XRPL and particularly those which encourage projects that are focused on the development of non-fungible tokens (NFTs).

In being the first wave, more than 100 grant proposals were submitted.  From the submissions received from the incredible batch of applicants about 25 grantees were awarded nearly $2 million in total value.

The grantees are individual developers and teams who hail from more than 10 countries from across the world.  About 3 grants were awarded to applicants from within Ripple’s University Blockchain Research Initiative.

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The inaugural grantee projects dealt with a wide range of problems and opportunities, which included:  The development of NFTs for multiple industries ranging from retail, art, music, sports, digital advertising and carbon capture; learning tools and platforms to build on and interact with the XRPL; Data visualization tools and payment and security solutions

For clarity, the XRP Ledger is an open platform, and it is not necessary to apply for a grant in order to build on the XRPL. Those who want to know more about the grantees for the first wave should visit the appropriate page.

For those who are new, Ripple reduces the need for pre-funding accounts. Makes sending real-time payments around the world 24/7. Thus, gets excellent pricing on exchange rates. Thus, RippleNet facilitates free working capital with On-Demand Liquidity and delivers instant cross-border payments without pre-funding.

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Freeing up working capital is an important way for someone to get ahead of the competition.  Pre-funding accounts in destination markets ties up capital that the business could otherwise put to work while growing the business.

Through the On-Demand Liquidity (ODL) service, RippleNet leverages the digital asset XRP as a bridge between two currencies permitting you to eliminate pre-funding of destination accounts, reducing operational costs and eventually unlocking capital.

RippleNet customers can use XRP to bridge two currencies in as little as three seconds, ensuring payments are quickly sent and received in local currency on either side of a transaction.

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XRP price on the cusp of massive decline if this critical support level fails to hold

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  • XRP price is sitting above a key support level amid a prevailing downtrend.
  • If Ripple fails to hold above $1.07, the token may see further decline toward under $1.00.
  • The governing chart pattern suggests that XRP price could plunge 9% toward $0.97.

XRP price is trapped within a recent downtrend as the momentum has flipped to the downside. Ripple lagged behind while other cryptocurrencies, including Bitcoin and Ethereum, recently witnessed rallies reaching new all-time highs. If the cross-border remittance token fails to hold one crucial foothold, it could continue to edge lower. 

XRP price at risk of 9% decline

XRP price has formed a descending parallel channel pattern on the daily chart since October 9, printing lower highs and lower lows, unable to escape the governing downtrend. 

Ripple is in danger of further decline as XRP price is edging closer toward the ascending support trend line that started forming on July 20. 

However, XRP price will be able to discover meaningful support at $1.07, where the 50-day Simple Moving Average (SMA), the ascending support trend line, the middle boundary of the prevailing chart pattern, and the 61.8% Fibonacci retracement level meet. Ripple must hold and close above this level to avoid further losses.

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The Arms Index (TRIN), an indicator that gauges overall market sentiment suggests that there is slightly higher selling activity than buying activity. This could indicate that bulls could continue struggling to lift prices higher against the overpowering distribution of the sellers.

If selling pressure continues to rise, XRP price may slice below the ascending support trend line, exposing Ripple to additional downside risk, dropping toward the 200-day SMA at $1.02. The token may find a foothold at the 100-day SMA at $0.99, before dropping toward the bearish target given by the governing chart pattern, at the lower boundary of the parallel channel at $0.97.

XRPUSDT

XRP/USDT daily chart

Further bearish sentiment may incentivize XRP price to slide toward the 50% Fibonacci retracement level at $0.96, then to the September 21 low at $0.85, coinciding with the 38.2% Fibonacci retracement level.

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If Ripple bulls manage to reverse the period of underperformance, XRP price will meet its first obstacle at the 21-day SMA at $1.10, then at the upper boundary of the parallel channel at $1.13. The following target for buyers is at the 78.6% Fibonacci retracement level at $1.22. However, investors should note that only a close above the 21-day SMA would signal the token’s resilience from its recent weakness.

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XRP Price Looks Solid, Will There be a Significant Upward Surge?

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BTC and ETH both reversed direction as they looked for fundamental support, implying that bears are trying to catch over-leveraged bulls. Despite Ripple’s legal battle with US securities regulators, XRP is looking solid. XRP is likely to convert a historic level of resistance into support, paving the stage for a significant surge.

XRP Price Action

On Friday, Ripple’s XRP fell 0.03 percent. Ripple’s XRP concluded the day at $1.08883 after falling 5.04 percent on Thursday. After a rocky start to the day, Ripple’s XRP plummeted to an intraday low of $1.08 in the early afternoon before making a move. 

Ripple’s XRP soared to a mid-afternoon intraday high of $1.12, breaking above the 38.2 percent FIB of $1.0659 and the first major support level at $1.0609. Ripple’s XRP dropped to $1.07 levels after failing to break through the first significant resistance level at $1.1400. Ripple’s XRP briefly rose to $1.09 levels late in the day before plunging back into the negative. At the time of writing XRP is trading in red at $1.09.

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Ripple vs SEC !! What’s Lies Ahead?

Ripple responded to the SEC’s letter with an explanation for its privilege allegations as well as a redacted version of the three additional documents requested by the defendants for in-camera review in the XRP litigation. Ripple has asked the court to make these records available to the defence, and he has continued to argue against the plaintiff’s “privileged” position. 

David Gokhshtein is the founder of the Pac Protocol network and a crypto influencer who often tweets about the crypto world. In the most recent, he discussed the Ripple vs SEC case and how the resolution of the legal struggle between Ripple and the SEC will benefit XRP.

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David cited a previous interview with Ripple CEO Brad Garlinghouse, in which he stated that the business will resolve the issue with the US Securities and Exchange Commission (SEC) if the asset class of the Ripple token is clarified. 

According to David, if the SEC clarifies whether Ripple’s asset class is a security or not, it will also clarify the status of other crypto assets. And the SEC’s clarity will function as a stimulus for the XRP and cryptocurrency markets to take off.

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XRP Forecast October 25 — 29, 2021

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XRP/USD end the trading week at 1.0983 and continue to move within a minor correction and a bullish channel. Moving averages indicate a bullish trend. Prices broke through the area between the signal lines upward, which indicates pressure from buyers and a potential continuation of the cryptocurrency growth from the current levels. At the moment, we should expect an attempt to develop a correction and a test of the support area near 0.9095. Where can we expect a rebound again and a continuation of the rise of the cryptocurrency to the area above the level of 1.8005.

Cryptocurrency XRP Forecast October 25 — 29, 2021

An additional signal in favor of the growth of XRP quotes in the current trading week October 25 — 29, 2021 will be a test of the support line on the relative strength index (RSI), now a ”Triangle” pattern is being formed on the RSI, a breakdown of which will indicate a strong rise in the coin. The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the Ripple cryptocurrency will be a fall in prices and a breakdown of the 0.6505 area. This will indicate a breakdown of the support area and a continued fall in XRP/USD quotes with a target below the level of 0.5005. Confirmation of the growth of the cryptocurrency will be the breakdown of the resistance area and the closing of quotations above the 1.3655 area.

Cryptocurrency XRP Forecast October 25 — 29, 2021

Cryptocurrency XRP Forecast October 25 — 29, 2021 suggests an attempt to test the support level near the 0.9095 area. Where can we expect the continued growth of quotations with a potential target at the level of 1.8005. An additional signal in favor of a rise in XRP value will be a test of the trend line on the relative strength index (RSI). Cancellation of the cryptocurrency growth option will be the breakdown of the 0.6505 area. This will indicate a continued decline with a target below 0.5005.

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