Ripple Price Drops to 2-week Low Amid Flare Network's Upcoming Airdrop

December 13, 2020 | AtoZ Markets – The price of the third-largest digital asset XRP from Ripple fell on  Sunday, December 13, below $0.50, having updated the minimum since the end of November. The decline comes amid the upcoming Flare Network airdrop, during which XRP holders will receive free Spark tokens (FLR).

The XRP network snapshot was taken at 00:00 UTC on Saturday 12 December. At this point, 23.5 billion XRP was in circulation, 70% of which were held by users on exchanges.

Platforms that have supported the airdrop include Coinbase, Kraken, and Binance. The distribution of Spark tokens will begin with the launch of the project network.

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The excitement surrounding the Flare Network airdrop led to a sharp rise in the price of XRP in November when the price of the token soared above $0.90 at some point.

The day before the snapshot, the number of XRP addresses with volumes of more than 10 million tokens reached an absolute maximum, amounting to 339 wallets. In total, these addresses alone had at least $1.8 billion at the exchange rate at that time.

Ripple price drops to $0.51

However, immediately after the snapshot was taken, the XRP price dropped sharply. If all ten largest coins by market capitalization showed growth in the last day, XRP lost 8% of its value at the moment. At the time of writing, the token is trading at about $0.51.

Bitfinex Hourly XRP/ USD Chart by TradingView.

Flare Network is developing solutions to bring Decentralized Finance (DeFi) into the XRP ecosystem by adding support for smart contracts. The Spark control token will be used as a seed for the redemption of assets.

At the end of 2019, the development of Flare Network was supported by Xpring, an investment arm of Ripple.

Think we missed something? Let us know in the comment section below.

  1. Alexander Higgins says:

    Xrp dropped 6% 1 min prior to snapshot


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