Ripple price breaks into uptrend, giant announces 1 billion XRP grant for developers
- 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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
