XRP Finally Recovered From The Airdrop Crash: Analysis

XRP finally recovered from the recent Airdrop crash that was overly hyped and led the coin to drop moments after it happened. XRP’s crashed after the airdrop of free crypto tokens to holders that had funds in participating exchanges and wallets so let’s check up on the analysis in today’s Ripple price news.

In the past 24hours, Bitcoin and Ethereum increased by 4.7% which ended a few days of stagnancy and XRP is now up by 1% thus putting an end to the swift price crash since yesterday. The rundown of the major coins goes like this. BTC increased by 4.72% in the past day to $19,302, ETH increased by 4.73% to $583, LTC increased by 7.25%, BCH by 3.89%. XRP increased by 1% to $0.51 which deserves special attention. Flare Network took a snapshot of the Ripple blockchain in order to determine to whom it should credit free Spark tokens in the upcoming airdrop.

Spark $FLR claim stats

🔹XRP Ledger Snapshot: 60155580
🔹110,259 accounts
🔹23.5 Billion XRP

– Self-custody: 7.1B XRP (30%)
– Exchanges: 16.3B XRP (70%)#XRPCommunity @FlareNetworks @ronaldonline777 pic.twitter.com/Z4MGDu7TFB

— XRP_Cro (@stedas) December 12, 2020

It seems that the traders are dumping huge holdings of XRP a few moments after the airdrop. The token’s price dropped by about 8% but it now seems that the market dealt with the crash. After the denial and bargaining, the traders accepted the blow and pumped the price back up. XRP finally recovered as the entire market started recovering as well. Microstrategy which is the US Business intelligence firm announced that it raised $650 million to fund its BTC investments. The company already bought $500 million of the coin while the first batch was purchased this summer.

As recently reported in the Ripple news, The price of XRP which is the third-largest cryptocurrency by market cap crashed moments after the Flare Network airdrop that was supposed to credit all XRP holders that hold funds in exchanges and wallets with free crypto. While all of the top coins by market cap increased like BTC that increased 3.2% over the past day, ETH by 2%, LTC by 4.4%, XRP Crashed 8% over the past 24hours with a current price of $0.5. In the upcoming months, Flare Network will distribute free Spark tokens for all eligible XRP holders and the tokens could be worthless once the Flare Network launches next year. The number of whales hit an all-time high in the previous weeks that led to the airdrop. A dump could be the reason that the price of XRP dropped.