After a strong bullish blow from institutional clients in Bitcoin, other cryptocurrencies, such as XRP and Ethereum, also pose great bullish records.
XRP, the third-largest cryptocurrency by market cap, has hit a new all-time high record as addresses holding a minimum of 10 million coins have surged significantly.
339 XRP Whales
As reported by analytics firm Santiment, there are now 339 holders who are having at least 10 million XRP tokens in their wallets. As one coin equals to $0.54, which means that the holders currently have a hold of $55 million.
There are major factors, which are fueling the XRP’s price value, but the news of the Spark token airdrop affected the value most, and investors started to hold coins. The third-largest coin reached a peak value of $0.75 as a result of major development, but then it corrected to some extent following the sentiments in the overall cryptocurrency markets.
Spark token is the native token of the Flare Network, which will act as a governance token because it will be utilized at the time of voting to take the major decisions of the network. What’s more, the token holders can also avail of return on collateral, which will strengthen the network by infusing more trust. As per the official statement, it will “safely enable the trustless issuance, usage and redemption, of XRP on Flare.” To make it more secure and trustworthy, it has integrated with the Ethereum Virtual Machine (EVM).
The Flare Network will make the XRP network similar to the Ethereum network that will host decentralized finance, decentralized apps, and smart contracts. The investment arm of Ripple, known as RippleX, will provide great support in the venture.
Through the promised airdrop, the holders will be able to claim tokens after holding XRP on the recommended cryptocurrency exchanges or into self-custody. The supported cryptocurrency exchanges include Binance, OKEx, Coinbase, and many others as total cryptocurrency exchanges have reached 50 in number.
For airdrop, the snapshot of XRP balance will be taken on December 12, and then Spark tokens will be distributed among individuals based on a 1:1 ratio. As per the official’s announcement, all people who are linked with the company can participate in the airdrop program.
At press time, XRP is trading at $0.55 after decreasing by 3.47%, and it is also down by 6.65% over the course of the last seven days.