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.
