Spark Token Flare Network Will Send XRP To $10k
SPARK token giveaway spikes up XRP price by 124%
XRP Price Soars To Two-Year High
The growth is taking place against the backdrop of an airdrop of SPARK tokens to all XRP holders
Top manager of Chainalysis notes large XRP deposits on exchanges
The third largest digital asset by capitalization has more than doubled in price in a few days and reached a two-year high in anticipation of the upcoming airdrop of SPARK tokens to all XRP holders
Token As the use of cryptocurrencies grows, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More XRP rose more than 124% on a weekly scale and tested a two-year high at $ 0.78. Nevertheless, at the time of this writing, the price of the asset began to sink sharply and is trading at $ 0.648, having lost more than 15%. The market cap of the top 3 token by market cap is $ 29.5 billion.
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Airdrop is the head of everything
The developers of the Flare Network project, who announced the distribution of SPARK tokens, could become the culprits of the dizzying rise of XRP. All XRP holders will receive free coins based on the screenshot of the balance of all wallets on December 12th. Flare Network project, focused on deploying smart contracts using XRP, hopes to successfully launch its network with the help of an airdrop and attract new users to it..
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The distribution of SPARK tokens will take place according to the following formula:
- Spark claimable: the amount of SPARK tokens claimed by the XRP holder;
- XRP owned: the amount of XRP owned by the requested address;
- XRP total: total XRP volume;
- XRP Ripple: The amount of XRP held in accounts associated with Ripple;
- XRP NPE: The amount of XRP reserved by non-participating exchanges.
It is expected that as part of the airdrop, more than 45 billion of the 100 billion SPARK tokens will be transferred to XRP holders. It is noteworthy that although the project is scalable, it does not rely on SPARK as a guarantor of network security..
Network metrics confirm unhealthy XRP hype
According to XRPScan, the number of new accounts activated in the XRP Ledger has more than sixfold – from 1,300 to 8,000 – in less than two days. This confirms the high activity of users on the network, buying XRP before the airdrop. Such pumping is very typical for the market and is fraught with a sharp drop in price immediately after the distribution of coins.
Other indicators confirm the excitement around XRP and point to a possible sharp collapse in the future The chief economist of analytical resource Chainalysis Philip Gradwell notes that 2.3 billion XRP were deposited on exchanges, which is 3.3 times the average daily inflow in 2019. Usually, such dynamics is considered a bad sign for an asset, since users bring coins to exchanges for sale. Pressure from sellers is on the rise, Gradwell said, however demand for XRP still exceeds supply.
What else has become a catalyst for the growth of XRP and what further to fear the asset – read in a special material from BeInCrypto.
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