XRP Cryptocurrency Price Slips After SPARK Airdrop Ends
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Answer XRP Cryptocurrency Price Slips After SPARK Airdrop Ends
After a few happy weeks, XRP holders found themselves facing the harsh reality of the crypto market.
After the uptrend of the third largest cryptocurrency by market capitalization, XRP, which gained 300% of its price in less than a month, XRP has now undergone a sharp downward correction.
Currently, XRP is valued at $0.49, which is a drop of 2.66% in 24 hours and about 18.2% in the past seven days.
The performance of the Ripple currency in the last period of the year 2020 can be divided into two periods:
The massive ‘FOMO’ before the SPARK shot, and the ‘FUD’ after the airdrop ends.
The Flare Network project promises to create a bridge between RippleNet and DeFi.
Read:Learn the story of decentralized finance investors who succeeded in tracking down scammers and getting their money back
As it is known, the “Flare Network” company announced a free distribution of digital coins SPARK to holders of the digital currency XRP, who held some coins in an eligible platform at the time of taking the shot.
With the snapshot and free distribution approaching, traders rushed to get as much XRP as possible, sending the coin’s price to its yearly highs.
The growth has been so rapid that it has overtaken Bitcoin and many other cryptocurrencies.
XRP soared from $0.22 in November 2020 to an annual high of nearly $1 in less than a month, and the number of XRP whales jumped to an all-time high.
But the hype failed to hold, and Ripple started correcting in a choppy, but clearly bearish, pattern, deepening further after the airdrop shot.
When analyzing the performance of Ripple XRP in four-hour time periods, the price of Ripple tends to rise and fall at an almost identical rate.
If this pattern continues, traders may be in a new, shorter cycle in which Ripple price exceeds $0.5 and then falls below the current price of $0.49.
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And about whether the price of the digital currency XRP falls further or recovers, the coming days will tell us that, but what is certain is that the noise associated with airdrop distribution has clearly affected the price of the coin.
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What is the next step for XRP holders participating in the Spark free distribution (airdrop)?
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