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More XRP Whales Appears as Spark Token Airdrop Approaches

Jamie West by Jamie West
December 12, 2020
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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.

jamie xrp news | XRP & Ripple News
Jamie West
Tags: cryptocurrency newsripple news todayRipple pricexrp news predictionxrp news todayXRP price
Jamie West

Jamie West

Jamie is an XRP veteran & keeps his finger on the pulse when it comes to all things crypto.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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