Ripple (XRP) Triggers Multi-Million Dollar Push to Boost XRP ecosystem
Ripple’s fundraising department, Xpring is scaling up its investments in a major attempt to boost the XRP ecosystem. As of now, the San Francisco startup has already offered ready support to six firms to allow mass adoption of blockchain technology and digital assets.
Xpring managed to generate a $100-million fund alongside blockchain gaming company Forte which will provide valuable aid like XRP to mainstream games with a huge customer base. Further, there was also an investment made in the Kava Labs, which is striving to develop an open payment system for cryptocurrencies besides providing financial assistance for Dharma Protocol. The latter aims to create a crypto-backed decentralized loan platform.
Ripple is also supporting Raised in Space Enterprises. This is a startup that is banking on its digital assets like XRP to rejuvenate the music industry. Furthermore, Xpring has also made its investments in XRPL Labs, which is a new firm developed by XRP developer Wietse Wind.
Additionally, Xpring has made its contributions to a new session of fundraising at SendFriend. This will utilize the Ripple’s XRP-based payment solution xRapid in order to reduce the cost of money transaction overseas. SendFriend will initiate the transactions by offering the expatriates in the US a new pathway to send money to the Philippines.
Ripple developed Xpring in May of 2018, with a goal of offering investments and grants to entrepreneurs who make use of the XRP ledger and XRP token.
“As a major contributor to XRP Ledger and a leading XRP holder, entrepreneurs and developers often hear that they want help in one way or another in their XRP projects. One of the few blockchain companies with a non – speculative use traction, we feel that we are uniquely positioned to provide significant support to entrepreneurs.”
Ripple Price Analysis
Ripple has triggered a trading round with bullish momentum before leading a downward trend. However, XRP is presently placed well above the $0.3100 support and has every possibility of beginning the bully rally yet again.
After the recent fall, XRP showed signs of a healthy recovery after receiving ample support of $0.3040 and $3050. Although it leads an upward push, Ripple price cut the $3080 resistance level and moved into a bullish zone.
The crypto winter might have been a bit hard on the industry. However, that does not prove an obstacle to the main marketing announcements. The list is topped by XRP at CoinBase sating investors. These people were in for a long term agitation for the support that they think they deserve. The exchange made their shift public. Besides, the CoinBase has been aggressive in the last two months, although the critics are of the view that this will kill their novelty.