Ripple’s new nonprofit strengthens XRP pricing

Ripple has launched a new nonprofit organization tasked with achieving mass adoption for XRP Ledger. Investors welcomed the move by pushing XRP prices higher by more than 9%.

Encourage growth and innovation

While some of Ripple’s defectors like Jed McCaleb continue to dump their tokens on the market, other market participants have joined the “BUIDL” movement. Longtime collaborators of the XRP Ledger have launched a new independent nonprofit entity to accelerate the development and adoption of its blockchain.

The XRP Ledger Foundation aims to improve several areas such as governance, core code changes 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 who build applications and infrastructure for the community. We and the community have been working for the past 8 years to dramatically increase XRP Ledger’s decentralization, performance and feature set and remain committed to its Foundation-led future growth and innovation, ”said David Schwartz, CTO of Ripple.

The announcement was enthusiastically received within the XRP community. Investors appear to have rushed to exchanges to buy the token, causing prices to rise more than 9% in the past 40 hours. Now, more technical indices suggest cross-border altcoin remittances have more room to rise.

XRP flashes bullish signals

The sudden recovery created a bullish engulfing candle on the XRP 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 candle is trading above the engulfing candle means that the trend may soon reverse from bearish to bullish.

Moving Average Convergence Divergence, or MACD, adds credibility to the optimistic outlook. This technical indicator, which follows the path of a trend and calculates its momentum, appears to turn bullish in the same time frame. As the 12-day exponential moving average prepares to move above the 26-day exponential moving average, the odds of an upward momentum increase substantially.

Regardless, only a daily close of the candle above the 100-day moving average could validate the bullish signals mentioned earlier. If XRP can turn this resistance level into support, prices could 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 undermine the bullish thesis. Under such circumstances, XRP could drop to the 200-day moving average of $ 0.21 to seek support. Therefore, it is imperative to wait for a net close above $ 0.24 before entering any long trade.