Ripple Moves to Strengthen XRP Ecosystem Despite Legal Brawl With SEC As Bullish Sentiments Mount

Ripple is forging ahead in its quest to improve the XRP ecosystem with huge advancements and recently offering developers a large cache of XRP to build on the XRPL. The XRP will be paid over 10 years with several projects scheduled to benefit from it.

Ripple’s Developer Grant

Ripple Labs, the creators of XRP sent shockwaves through its community with the announcement of a 1 billion XRP grant to developers. At current prices, 1 billion XRP is valued at over $830 million which makes it part of the largest grants in the cryptoverse.

Ripple Labs stated that the grant has a laser focus on open-source projects on the XRP ledger that was designed for enterprise remittance assistance. The grant will be dispensed over a period of 10 years and selected projects will be given technical and business assistance. To date, over 50 projects have received the grant to build on the XRP Ledger (XRPL) with $6 million being dispensed so far.

Aside from merely issuing out grants, Ripple has announced that it will be organizing boot camps and hackathons to pique the interest of developers in the scheme. The grant will be in batches with the first two phases focused heavily on NFTs and federated side chains while the next is bringing open-source projects into the ledger.

Over the past few days, XRP has been putting up impressive performances and looking to retake $1 as bullish sentiments continue to mount on the attainability of a new all-time high if the legal brawl with the SEC is decided in Ripple’s favor.

XRPUSD Chart by TradingView

The asset has climbed all the way to exceed $0.84 which is its highest point in over 10 days. With a market capitalization of $40 billion, XRP is the sixth-largest cryptocurrency exceeding Terra, Solana, and Cardano.

Ripple’s Recent Strides

Ripplenet has improved its offering in South East Asia through the XRPL based remittance technology that it christened RippleNet. The offering allows banks to settle transactions in real-time and is gathering steam despite the dark cloud that surrounds the platform.

A growing number of banks have struck the chords of partnerships with Ripple to build their payment networks using the XRP Ledger. Fast transfers and cheaper transaction costs are part of the reasons for the switch to these financial institutions.

Reports from Twitter suggest that Wells Fargo is building an alternative for SWIFT with an online service agreement being circulated online. The agreement indicated that Wells Fargo would use Real-Time Payments by the Clearing House, which is a Ripple partner.