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Ripple (XRP) Price Still Falling Despite 'DeFi' Herald After Airdrop

The decline in XRP price continues.

The price of XRP , the third largest cryptocurrency by total market cap , continues to decline. XRP, which was traded at $ 0.66 a few weeks ago, and $ 0.77 at the beginning of the month, is now down to $ 0.45, which reduces hopes.

New developments for XRP are not over

The steps taken from the Ripple front and the Flare Network airdrop program were actually seen as promising developments. It is known that the main reason behind the XRP price rising from $ 0.30 to $ 0.77 is the Flare Network airdrop program. However, the expected December 12 date for the airdrop tumbled XRP down the abyss.

One detail that XRP investors have missed or ignored is that the uptrend may continue in the long term. Flare Network actually aims not only to airdrop within the scope of this partnership, but also to bring XRP into the DeFi ecosystem. For now, it is a known fact that the DeFi ecosystem has become a dominant Ethereum.

XRP Enters the DeFi Industry

The Flare Network team, on the other hand, wants to bring XRP into this ecosystem by using Ethereum's virtual machine EVM. For now, only images of the balances have been received in the airdrop name and the token distribution has not started yet. However, more important news is that XRP has the possibility to enter the DeFi sector.

The project, which aims to introduce the XRP network to the DeFi ecosystem using the Ethereum network-based FLR cryptocurrency and EVM, will begin development in 2021. In other words, although the price is currently experiencing a sharp decline, the positive developments from the Flare front in 3 to 6 months have the chance to change many things.

Flare Network Not Ready Yet

XRP investors have to wait for the launch of the main network of the Flare Network in order to receive FLR tokens from the airdrop. For only 15%, the mainnet has to be released and the remaining distribution schedule has not been published. The XRP / USD pair, on the other hand, continues to decline and dropped to $ 0.44 last night, below the critical support.

For the XRP / USD trading pair to return to critical levels, it must remain above $ 0.50. The current decline seems to be due to the panic of individual investors.

XRP Holders Almost To Get Spark Tokens

 

As is known, XRP has experienced a huge rise recently. The rally, with an increase of almost 200%, gave XRP holders hope, as it was built, it was allegedly the Flare airdrop and the promise of free Spark tokens that helped push XRP to current levels.

The Flare airdrop snap shot for XRP holders will take place at the end of this week and there are only a few days left to prepare your wallet and claim the Spark tokens. So are you ready for airdrop?

Why Did Flare Airdrop Trigger XRP Explosion?

XRP investors experienced a more painful bear market than most of the other crypto investors and suffered greatly after three years of worst performance in the market. With every drop in XRP price cash, the investor army started to collapse psychologically. However, those who managed to hold onto were well rewarded with a surprise 200% rally in the 4th quarter of 2020.

In addition to the bullish momentum and the resulting ROI, Ripple holders can claim an equal amount of Spark tokens as part of the Flare Network's upcoming airdrop. The appeal of free tokens that can only be accessed by holding XRP was part of what caused the altcoin to rise recently, according to analysts. That's why investors just don't want to miss the three-day channel airdrop.

How to Buy Spark Token?

The Flare Network leverages the XRP ledger but brings Ethereum smart contracts to run DeFi applications in the protocol created by Ripple. The easiest possible way to claim Spark tokens is to store XRP on any cryptocurrency exchange that supports the Flare Network airdrop . These include Binance, Bithumb, Bitfinex, eToro, Crypto.com, FTX, Huobi, Kraken, OKEX, KuCoin, Paribu, BtcTurk, and even Coinbase, which users believe will not support.

The full list of supported exchanges is available on the Flare website . Is there a need to do anything? Not if XRPs are on the stock market. Each exchange will handle the entire transaction for you, and at some point offer their Spark tokens to investors who are holding XRP at the time.

Tokens May Not Be Issued Immediately

However, it's worth noting that anyone interested in airdrops through any of the supported exchanges should pay close attention to the relevant details that come up. Coinbase, for example, does not plan to issue any Spark tokens to users until an unspecified "future date" and reminds everyone that the tokens are subject to legal review first. Essentially, there is a possibility that you may not be able to receive Spark tokens from the exchange even though they participated in the airdrop. In the end, this is an issue that ultimately goes down to the regulators of each region.

To gain ownership of any Spark token, you can hold XRP in a wallet at your own risk. Users should also make sure they have access to an off-exchange Ethereum address. The remaining steps were kindly outlined by "Wietse", an XRP supporter and developer. Requirements include visiting XRPtoolkit.com with a connected Ledger Nano to interact with the ledger and claim tokens.

Spark tokens can be claimed after the snap shot on December 12, 2020.

Will Flare Network Increase XRP Price to $ 1?

Will XRP price be able to break records with airdrop?

XRP, the third largest cryptocurrency by total market cap, rose 3% in the past 24 hours, again above $ 0.60. Although the XRP price has increased from $ 0.48 to $ 0.60 compared to a week ago, investors want to see previous price levels.

Will XRP Price Break $ 0.77?

The XRP / USD pair saw $ 0.77 about 2 weeks ago and $ 0.90 on the Coinbase cryptocurrency exchange. After reaching these prices, there was a sharp decline in many trading pairs, including XRP / USD. For the Flare Network airdrop event, which the vast majority of investors rely on, there are a few days left and the price may take action again.

 

The Flare Network, backed and funded by Ripple Labs, will distribute its cryptocurrency Spark to all XRP investors for free. The first distribution will take place on December 12, and investors will be able to receive 1: 1 XRP in exchange for holding funds on exchanges or wallets that support the airdrop event.

 

Flare Network Could Be The Savior For XRP

The Flare Network airdrop event has definitely attracted XRP investors, and has enabled many new investors to make their first investment. So, will this news and development enable the XRP price to rise again to above $ 1? In fact, when looking at XRP / USD technical analysis, it seems to be a bit difficult.

Although XRP price came up to $ 0.77 in the rally that started at $ 0.22, it is known that there is a very strong resistance at the $ 0.88 point. When looking at the XRP price chart, whenever the price reaches $ 0.68, it is seen that it has been hit hard from here. In addition, the Flare Network airdrop event is likely to have already been priced.

Has XRP News Been Priced Already?

Many investors have already bought XRP for the XRP airdrop event, and it seems unlikely that the XRP buying pressure will increase significantly in the past 1 week. In other words, the real increase may have been experienced and finished within 1 month of the first release of this news. However, as seen in the last week of Ethereum 2.0, a serious increase can be seen for XRP a few days before.

50% of the ETH required for the transition to Ethereum 2.0 was invested in almost the last week. If XRP whales also decide to buy high-volume XRP lately, $ 1 for the price may not be far at all.

XRP Annunciation and Alert on US Largest Exchange!

Coinbase also supports XRP airdrop.

It is known that XRP, the third largest cryptocurrency by total market cap, is not particularly liked by Coinbase. The main reason for this is the lawsuit against Ripple and XRP . In the lawsuit filed by XRP investors , XRP was declared a security and the process is still ongoing.

Coinbase has created a massive increase in price by listing XRP in the past years after long disagreement. After this olive branch, XRP investors seem to have smoothed ties with Coinbase as well. However, the fact that there has been no improvement in the last week that Coinbase will support the large XRP airdrop has started to anger investors again.

With the wait of XRP investors coming to an end, the announcement expected by the Coinbase cryptocurrency exchange today came. Coinbase also announced that it will support the large Spark airdrop and will be footage of XRP wallets on December 12. With this news, the price of XRP is expected to rise significantly, while Bitcoin's price movements likely prevented this situation.

 

XRP Alert for Some States

In the statement made by Coinbase, it was stated that XRP airdrop will be supported, but it was emphasized that this may not be valid for some states. It is currently unknown in which US states Coinbase will not support airdrops for investors. The main reason for this is the ongoing XRP lawsuit in the USA and the fact that some states have different securities laws.

However, it's great news that Coinbase will support the FLR token airdrop for XRP investors. In recent days, millions of dollars worth of XRP have been sent to the Coinbase crypto exchange, and the reason behind these transfers may be airdrops. Investors will be given FLR, or Spark tokens, at a ratio of 1: 1, according to their funds in the exchange.

The Number Of XRP Investors Is Increasing

Although the reason for the heavy XRP transfers is thought to be purely sales, the news that Coinbase will support the XRP airdrop at the moment actually shows that some people may have already received the news. The XRP airdrop actually led to a significant increase in the number of XRP investors. The number of wallets on the XRP network has recently risen to over 60 million, and it looks like it will continue to grow until the airdrop is carried out. Time will tell how this will affect the price.