Million Dollar Move from Ripple

The Ripple (XRP) department has announced a new grant for its developers. A total of up to $2.6 million in grants will be shared among 25 teams across several continents.

Making the announcement for the RippleX team via a blog post, Julia Heitner noted that the funds will go to the development of the projects outlined in the Ripple roadmap. So far, Ripple has been responsible for financing more than 100 projects despite its problems with the SEC. Julia Heitner explained that the latest wave, called “wave 4,” will focus on sustainability projects and infrastructure development led by the XRP Ledger (XRPL) team. Experts made the following statements in their statements:

“The XRP grants program is dedicated to supporting projects and solutions focused on sustainability and climate change by leveraging the carbon neutral XRP ledger.”

It is stated that the XRPL team is also the team that heads the NFT development on the Ripple blockchain. According to data analytics firm Santiment, the NFT integration on Ripple has not been very successful. NFT trading volume dropped to $108,000. But as of January 12, when RippleX relayed the development, the volume had risen to $1.21 million. This may be the result of fast trading.

Data from the on-chain platform revealed that the BitMEX funding rate was 0.01% despite initially increasing to 0.073%. This may mean that the periodic payments made by investors to open a contract position in the derivatives market have decreased. Short-term investors holding Ripple despite recent gains may risk slight losses. The reason for this is that the daily on-chain profit has dropped to 497.97 million. However, RippleX stated through the same blog post that 2023 will not be the last funding round, and included the following statements in its statements:

“In addition to new focused calls for proposals to be announced throughout 2023, XRPL grants continue to encourage applications for sustainability-focused projects and projects from a variety of contributors.”