XRP price faces bearish signals while Ripple opens applications for XRPLedger grants program

• XRP price is testing psychologically important support at $0.60 on Wednesday. 
• Ripple announced the launch of its XRPLedger grants program, inviting applications from developers. 
• XRPLedger issues final reminder to all node operators to upgrade to 2.1.1 for AMM amendment that goes into effect on Thursday. 

Ripple (XRP) price is testing a crucial support on Wednesday, at $0.60. The altcoin was hit by the market-wide correction as Bitcoin price coiled back under $70,000.

Ripple’s call for applications to the XRPLedger grant program and the XRPLedger upgrade to 2.1.1 are the two key catalysts likely influencing the XRP price on Wednesday. 

Daily digest market movers: XRPLedger prepares for AMM amendment, invites applicants for grants

• XRPLedger, Ripple’s decentralized public blockchain, has a key Automated Market Maker (AMM) update lined up for Thursday. The blockchain network called all nodes to upgrade to version 2.1.1 for the update to go into effect. 

• Ripple has called developers to apply to its XRPLedger grants program. 
• XRPL Grants help enable developers to leverage the ledger’s open-source technology to innovate and build useful applications on Ripple’s blockchain. 

• The program offers between $10,000 and $200,000 funding for projects up to one year. 
• Ripple has introduced rolling applications to enhance flexibility for developers and bring projects with more utility to the XRPLedger. 
• Previously, grants have been awarded to projects that drive the adoption of the XRPLedger and its native token XRP, like Evernode, which brings Layer 2 smart contracts to the Ledger, and XRPScan, the largest explorer for Ripple. 

Technical analysis: XRP price tests crucial support

XRP price is testing critical support at $0.60. The $0.60 level has been considered psychologically important for Ripple, as it acted as support for several weeks in March. A decline below this level typically signals a correction in XRP price. 

Ripple price is in an ascending channel and a breakout to the downside is likely, with price testing $0.60 support. The next key support level for XRP is $0.5851. The $0.5851 level has been tested several times and emerged as a steady support for XRP throughout April 2024. 

XRP/USDT 4-hour chart 

If the XRP price fails to close below the channel, it could begin its recovery and test resistance at the upper boundary at $0.63. The April 9 peak of $0.6431 would be the target for the XRP price. 

 

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