XRP community, especially whales, are beyond excited for the Spark token airdrop happening today, December 12. More and more investors are now holding more XRP tokens on their accounts, with the number of people holding 10 million XRP climbing to an all-time high of 399 in anticipation of the drop.
Previously just a kick-starter, Flare Network, a blockchain project that aims to introduce a smart contract functionality to the XRP ledger, will award members of the community who are holding the token on December 12 (00:00 GMT). They will be distributing their Spark Tokens to all XRP holders at a one-is-to-one ratio.
However, to become part of this upcoming airdrop, XRP owners need to transfer their tokens to participating exchanges and wallets that have announced their support of the events. As of writing, over 50 of these platforms have announced their support. This includes Binance, Coinbase, Kraken, Poloniex, OKEx, and most recently, Bitrue.
According to XPRL data, around $1.2 billion XRP tokens have been transferred to one of these exchange accounts in recent days. This means that more people have taken notice of the drop and are anticipating great payoffs from it.
Moreover, according to Santiment, on-chain research and analytical data provider, the number of XRP whale accounts that have more than 10 million tokens, worth about $5.5 million as of writing, has increased by more than 10% in the past three weeks, and have reached a new all-time high of 339 individual users.
However, this surge in network activity has not resulted in an increase in value for the XRP’s price just yet. From a technical standpoint, XRP is still moving consistently as before the huge transfers happened. As of writing, the token is still exchanging at $0.55. Although, it should be noted that this growth is limited by sloping trend lines connected to the record highs or November 24.
This hurdle is further reinforced by the 4-hour 50 to 100 EMAs, which makes it harder for the bulls to push the price above this level. Only a stronger and more sustainable bull run will take XRP’s recovery back on track, targeting a new hurdle at $0.80.
As history suggests, the symmetrical triangle pattern usually meant a high level of certainty and volatility in the crypto market. This is also a precursor to volatile spokes as break-outs will define the new price of these assets.