Ripple is continually making moves to increase their global presence despite being sued by the US Security & Exchanges Commission.
Now the blockchain based company has officially partnered with an independent forum, Digital Pound Foundation (DPF) to explore the development and facilitate the roll out of British CBDC in the UK.
The Digital Pound Foundation is a nonprofit organization, focused on the development of and implementation of a well-designed digital pound for Britain.
There is more, Ripple also announced that it will contribute the majority of funding toward a $44 million energy fund with Nelnet. Projects funded by the initiative could offset more than 1.5 million tons of carbon dioxide emissions over 35 years.
Ripple is already one of the least energy-intensive blockchains, but the initiative will put it in good company with other firms. Unlike Bitcoin and many other cryptocurrencies, Ripple’s XRP token does not rely on mining, which is an extremely energy-intensive process.
With all the recent news the XRP/USD Major Trend is Bullish
On a higher time frame, Ripple’s (XRP) price is trading in the bullish trend zone. This suggests that the altcoin is likely to rise on the upside. However, the present price action is characterized by small body candlesticks called Doji and Spinning tops. These candlesticks are responsible for the range-bound movement of the cryptocurrency.
In the present chart, the cryptocurrency has been falling after a rally to the high of $1.18. Ripple is expected to fall to the low of 1.12 and resume an upward move.Meanwhile, on October 16 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that XRP price will fall but reverse at level 1.272 Fibonacci extension or level $1.12. From the price action, the cryptocurrency has already fallen and tested the Fibonacci level. This week, Ripple is likely to resume an upward move.
