Ripple, XRP, has seen its price gain over 171% in November alone, ahead of a pending token airdrop that will reward XRP owners with Spark tokens on a 1:1 ratio according to their XRP holdings.
Data from Coingecko revealed that the price of the third most valuable crypto asset price went from about $0.2455 per digital asset, while it is currently trading at $0.65 at the time this report was drafted.
READ: This cryptocurrency has just hit a market capitalization of $100 billion
Ripple had earlier struck a yearly high earlier this month at $0.75, but faced a steep price pullback along with the rest of the crypto market some days back
READ: Ripple has released 1 billion XRP; here’s what this means
What this means
Spark tokens will be used for guidance on the Flare network through voting processes, and XRP holders will be able to earn such a reward on their Ripple holdings by using Spark tokens as collateral to secure the less credible and redemption of FXRP.
- Ripple had broken out of a symmetrical triangle pattern at the start of November as it breaks higher, showing the bulls are now having the shots in this fast ever-changing crypto market.
- This is a very good signal, taking into account that a significant number of Ripple investors have struggled heavily against BTC performance in Q4 2020.
- Ripple owns more than half of the total supply of XRP. In late 2017, the company vowed not to sell all of its tokens (XRP) at once, keeping up to 55 billion XRP in protected escrow accounts.
READ: Stellar outperforms many Cryptos, yearly gain hits 233%
What you should know
- Ripple (XRP) plays dual roles as a payment platform and a currency.
- The platform is an open-source platform that is created to allow quick and cheap transactions.
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