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  • The XRP Ledger (XRPL) community received a boost as “Wave Of Innovation,” a non-profit organization linked to the 2024 XRP Gold Coast conference, announced grants for XRPL developers.
  • XRP’s recent price drop coincided with significant whale activity, as substantial XRP transfers were reported from anonymous wallets to major cryptocurrency exchanges.

Amid the broader market sell-off, Ripple’s native crypto XRP has also come under significant selling pressure. Over the last week, the XRP price has lost 9% with its price slipping under $0.48.

However, the XRP ledger continues to see new developments taking place that keep the community optimistic regarding the future of XRP.

During this prevailing bearish trend, the well-known XRP advocate, Bill Morgan, made an announcement on the X platform that carries substantial implications for the value of XRP.

Morgan, in particular, conveyed his enthusiasm when he disclosed that “Wave Of Innovation,” a non-profit organization responsible for organizing the forthcoming 2024 XRP Gold Coast conference, has made the significant decision to offer grants to XRP Ledger (XRPL) developers. This development marks a notable step forward for the XRP community.

XRPL Developers to Get New Grants Source

According to the announcement’s particulars, Wave Of Innovation is set to serve as a fresh funding source for developers actively engaged in XRPL-related projects. Notably, this endowment offer became effective starting from Wednesday, October 11.

It’s essential to clarify that Wave Of Innovation functions independently and maintains no connections with the RippleX development team or the San Francisco-based payment company, Ripple.

Furthermore, Bill Morgan emphasized that the selection process for grant beneficiaries will be entirely impartial. It shall rely on predetermined objective criteria set by Wave Of Innovation. Additionally, these criteria will be publicly available before the 2024 XRP Gold Coast Conference, scheduled for March of next year.

Adding to XRPL developer community’s positive prospects, Bill Morgan highlighted that even developers working on XRPL side chains will be eligible to apply for these grants. He urged developers to seize this opportunity by expressing their interest in Wave Of Innovation.

As expected, this development has generated enthusiasm within the XRP community, as it provides a robust channel to invigorate development initiatives on the XRPL and further foster the adoption of XRP.

Notably, Wave Of Innovation joins the ranks of Ripple and other entities in supporting developers within the XRP ecosystem. It’s worth remembering that Ripple previously extended a grant of $100,000 to a decentralized exchange operating on XRPL through its grant program a few months ago.

Ultimately, this new source of grants is anticipated to breathe fresh life into the XRP ecosystem, setting the stage for exciting advancements within XRPL, which may enhance the appeal of XRP within the market.

XRP Whales Dumping

The recent pressure on the XRP price comes amid massive whale dumping. On October 12, Whale Alert, a cryptocurrency tracking platform, reported substantial XRP transfers originating from anonymous wallets to two well-known cryptocurrency exchanges. In the first transfer, an unidentified wallet moved 23.70 million XRP, valued at over $11.50 million to the Bitso exchange.

Concurrently, another transfer involved 31,200,000 XRP, approximately worth $15.15 million, sent from an anonymous wallet to the Bitstamp exchange. Notably, the timing of these transfers garnered attention, particularly in light of XRP’s recent decline in value, experiencing a significant drop over the past week. Consequently, these transactions, if intended for selling, might indicate that the whales disposed of their holdings at a loss.

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