The goal of Web3 Development is to promote and advance the development of decentralized applications (dApps) built on the XRP Ledger. Ripple has been working on this front for some time, with many dApps already built on the XRP Ledger, such as Codius (a smart contract platform) and XUMM (a digital wallet).
With this new initiative, Ripple is looking to further accelerate the development of dApps on the XRP Ledger by providing resources and support to developers. This includes funding, technical assistance, and marketing resources.
Ripple is also looking to build out a community of developers worldwide working on dApps on the XRP Ledger. To this end, they have already organized meetups and hackathons in a number of cities, such as San Francisco, London, and Singapore.
Web3 Development is an important part of Ripple’s vision for the future of the internet, and it is great to see them taking concrete steps to promote and advance this development. With their resources and support, we should see an acceleration in the development of dApps on the XRP Ledger, ultimately benefiting all XRP holders.
XRP/USD price movement in the last 24 hours
XRP price started to show signs of weakness yesterday after testing the $0.40 resistance level multiple times and failing to break above it convincingly. This led to a sell-off which brought the price down to $0.397, where it found support and has been consolidating ever since.
Source: Trading view
The XRP price has seen a strong rally in the past few weeks, climbing over 79% from September 7th to 23rd. However, this rally ran into some difficulty recently, leading to a pullback of 25%.
Despite this, the XRP price has recovered and is currently trading around $0.437. This is still below the range high of $0.455, so there is a possibility that the price could retest this level before moving higher.
If the XRP price can move above $0.555, this would be a secondary confirmation of the next leg up. The next resistance level to watch for would be the $0.561 to $0.596 resistance box. Above this, the next target would be $0.618.
On the Binance exchange, XRP/USD is up by 3%, currently trading at $0.437. The token has seen a slight uptick in the last 24 hours as it moves away from the $0.3191support level. The token is trading just below the $0.50 resistance level, and it looks like it is preparing for another breakout attempt.
Conclusion
The RSI indicator on the daily time frame shows that the XRP/USD pair is currently in overbought territory. However, the MACD indicator still signals that the token could have more upside potential. If the XRP/USD pair can break above the $0.50 resistance level, it could start to target the $0.60 level. Above this, the next major resistance levels will be at $0.70 and $0.80. On the other hand, if the token fails to break above the $0.50 level, it could start to retrace towards the $0.30 support level. Below this, further support levels will be found at $0.20 and $0.10.
