XRP Price Prediction - 6% Drop to $0.43 Continues Retrace But New Entrants Expected

XRP Price Chart

On October 21, the XRP/USD fell more than 6% to trade at $0.43, while the XRP price prediction indicates a bullish reversal above the 50-day moving average support.

The XRP/USD pair began the day at $0.4503. The price has ranged between a high of $0.4645 and a low of $0.4225. The price of XRP/USD is expected to rise soon, according to market sentiment.

Ripple Creator Fund

Ripple, a company that offers blockchain and cryptocurrency solutions for businesses, announced the $250 million Ripple Creator Fund in September 2021. This fund aims to support the creation of non-fungible tokens (NFTs) and other tokenization projects on the XRP Ledger. It also plans to help creators with the technical, creative, and financial support they need.

Meet the next wave of creators utilizing the #XRPLedger to kickstart their NFT projects

This wave sought projects focused on entertainment , made possible by NFT marketplace and infra partners to ensure a seamless user experience for creators: https://t.co/zYDsGaFJxd

— Ripple (@Ripple) October 18, 2022

Ripple announced on October 18 that the second group of creators would receive funds from Ripple’s Creator Fund for their NFT initiatives. This round of funding went to independent artists working on practical use cases in gaming, the Metaverse, music, and media on the XRP Ledger.

Ripple, according to the vice president, investigated concepts, teams, and visions that were most compatible with bringing innovation and creativity to NFTs outside of the world of digital art. The $250 million fund will aid in the expansion of the ecosystem. Furthermore, it will benefit the value of XRP/USD.

Ripple Launched an EVM-compatible Sidechain

In a blog post published on October 17, Peersyst, a blockchain software provider, and RippleX, a group of XRPL developers, announced the launch of an EVM-compatible sidechain on the XRP Ledger (XRPL). Ripple has begun testing a new sidechain on the XRP Ledger that will connect the blockchain to the Ethereum network, increasing the utility of XRP.

Introducing the first phase of bringing an Ethereum Virtual Machine (EVM) sidechain to the #XRPLedger.

EVM developers, we invite you to experiment with the functionality on Devnet and enjoy the best of Ethereum and XRPL for your #DeFi applications. https://t.co/gdBG8d5Xvl

— RippleX (@RippleXDev) October 17, 2022

The Ethereum virtual machine-compatible sidechain, which is capable of 1,000 transactions per second, will allow developers to install Ethereum Smart contracts on the XRP Ledger. Following the announcement, an EVM-compatible sidechain that runs concurrently with the main XRPL was launched on the devnet. It enables Ripple developers to test solutions before they are made available on the main XRPL.

Following the launch of an EVM-compatible sidechain on the XRPL, the XRP ecosystem will be able to more easily use the developer effort that went into creating Ethereum Smart contracts. As a result, the news is valuable for XRP/USD, as XRP’s increased utility will raise its price.

Legal Victory for Ripple

On October 19, CryptoLawUS tweeted that prominent market participants Investor Choice Advocates Network ICAN and Phillip Goldstein are submitting an amicus brief to the court in support of Ripple’s lawsuit against the SEC.

Following the discussion on Twitter, CryptoLawUS reported that ICAN is a non-profit legal practice that promotes access to markets for investors and entrepreneurs who are underrepresented in the financial sector.

JUST ADDED to our Document Library:
✅Letter Motion for Leave to File Amicus Brief by Phillip Goldstein and Investor Choice Advocates Network (ICAN) and Exhibit (Proposed Amicus Brief) (Click Below to See Full Uploaded Document)https://t.co/F5G6bYw0Yr

— CryptoLaw (@CryptoLawUS) October 19, 2022

Bulldog Investors co-founder Phillip Goldstein, on the other hand, invests in closed-end funds, small-cap operational firms, and SPACs. Furthermore, the amicus brief was written by a lawyer for both Goldstein and the SEC, and both Goldstein and ICAN represent the general interests of market participants.

Another Ripple partner filed an amicus brief in support of the company in the SEC lawsuit. TapJets used XRP as a currency to demonstrate its utility and value.

In an amicus brief, the company claims that only accepting fiat money for airline cargo delayed operations. TapJets’ amicus brief is similar to that of I-Remit, a Ripple partner in the Philippines. Both companies claim that XRP simplifies payments and transactions. Furthermore, Ripple’s potential victory over the SEC has fueled bullish sentiments for XRP.