Ripple commits 1B XRP to developers grant programs, XRP price up 7%

• The Ripple grants programs, which began last year, have completed the first two waves, and the third is expected to open on March 28.
• Ripple seeks to further XRP adoption through sponsoring developers on XRPL.

Cross-border payment platform Ripple has announced committing 1 billion XRP to grant programs designed to accelerate XRPL’s development. According to the company through a press release, the fund will be released to the lucky developers through the next 10 to 20 years. With this announcement, the XRP price is set to benefit from more developers, and thereby users. 

Ripple seeks to further XRP adoption through sponsoring developers on XRPL. Moreover, the more developers on board, especially through two decades, the higher adoption of the asset. Notably, developers get to build decentralized applications that use XRP to pay for transaction fees.

Ripple and its grants programs

The company has committed to helping its community through grants to developers. Already, the Ripple grants programs have completed the first two waves, and the third is expected to open on March 28.

“The fund is an extension to the XRPL Grants program which launched in 2021 and, to date, has awarded $6 million in total funding to more than 50 open-source projects built on the XRP Ledger,” Ripple said in the post.

XRPL has been one of the long-standing projects in the crypto industry. With a vibrant community, XRP has been able to stay in the top 20 for years. There are advantages developers get to enjoy when they build apps on the XRP ledger. Among them is the ongoing grant program. Additionally, the XRP community has grown wildly around the world, thereby ensuring a ready market for developers

“The developer community has seen a tremendous growth and passion for building on the XRP Ledger that has only increased since the launch of the XRPL Grants program last year,” said Monica Long, GM of RippleX at Ripple.

With this new expansion, we are committing to participating in and supporting the developer community long-term. As the community grows, and the infrastructure and apps ecosystem matures, we are also excited about the opportunity for RippleNet customers to benefit from the community’s offerings and vice versa.

XRP price action

XRP is currently ranked position six with a market of approximately $37.9 billion. According to our data, the asset exchanged hands around $0.78. There are 48,121,609,012 units of XRP in circulating supply out of 100B in total supply.

Over the past few weeks, XRP has faced a possible overthrow by Terra LUNA that has a huge popularity. 

In fact, LUNA ranks at position seven with a market capitalization of $31.2 billion. Indeed, the smart contract and DeFi ecosystem are getting more vibrant with more competition.

Remember, XRP is facing a lawsuit filed by the SEC. The case has ostensibly dragged XRP price in the past two year, compared to other digital assets.

Nevertheless, with the recent Biden crypto executive order that favors developing and emerging technologies, Ripple is at a higher vantage point.