The price of #XRP remains above $0.60, providing an opportunity for #Ripple bulls to test the waters while the company solicits award program applications

On Wednesday, the price of XRP will challenge the psychologically significant support level of $0.60.

As part of its #XRPLedger awards program, Ripple has announced its debut and is already accepting submissions from developers.

Important support for the Ripple (XRP) price at $0.60 on Wednesday is being tested. As the price of Bitcoin fell back under $70,000, the cryptocurrency was affected by the market-wide slump.

On Thursday, Ripple's decentralized public blockchain XRPLedger will get an important upgrade to its Automated Market Maker (AMM). Prior to the update's implementation, the blockchain network notified all nodes that they needed to upgrade to version 2.1.1.

With the support of XRPL Grants, programmers may learn how to utilize Ripple's blockchain to create new and beneficial apps that take use of the ledger's open-source technology.

Financing for projects up to one year is available under the program, ranging from $10,000 to $200,000.

To make the XRPLedger more useful and give developers more freedom, Ripple has introduced rolling applications.
Previous grant recipients include Evernode and XRPScan (Ripple's biggest explorer), both of which work to increase the use of the XRPLedger and its native coin, XRP.

We are seeing XRP price action at $0.60, a key support level. Since it provided support for a few of weeks in March, the $0.60 level has been seen as psychologically significant for Ripple. In most cases, a price adjustment for $XRP occurs when it falls below this level.

The price of ripple is now in an upward channel and is expected to test the $0.60 support level before releasing into the negative. The price of XRP will find further support at $0.5851. Multiple tests have shown that the $0.5851 level provides stable support for XRP in April 2024.

If XRP doesn't shut below the channel, it can start to rebound and hit resistance at $0.63, which is the upper barrier.