XRP Rises and Falls With The Spark Token Airdrop

View this thread on: d.buzz | hive.blog | peakd.com | ecency.com
·@rollandthomas·
0.000 HBD
XRP Rises and Falls With The Spark Token Airdrop
<center>![image.png](https://images.hive.blog/DQmNWwjWn5Huhurx2AfPkQSvpQG34SF6ESLNqwbNSFs5zpP/image.png)</center>

Airdrops, also called "airdrops" are an increasingly popular way to to distribute free tokens to participants in within the crypto space. In general, airdrops occur when a new project randomly distributes free coins to pre-determined holders of a certain cryptocurrency.  The concept of airdrops is simple. Airdrop transactions are instant and non-reciprocal, since no initial transfer of ownership is necessary.  I personally don’t like airdrops, there is just too much baggage that comes along with them. 

Over the past several weeks, XRP has been the hottest token in the crypto space. Today, XRP fell below $0.50.  But it had everything to do with the Flare Network airdrop. The Flare Network’s mission, funded by Xpring, an investment arm of Ripple, is to bring decentralized finance (DeFi) to the XRP ecosystem.  At one point the price of XRP hit nearly $0.80 towards the end of November.

![image.png](https://images.hive.blog/DQmSw6ofCmcjeMqKCNJzmbXRg31U3AzNdXzDW8ZroysJSQA/image.png)


This past Friday, the number of XRP addresses with more than 10 million tokens reached an all-time high. These addresses held the equivalent of close to $2.0 billion in value at the time and on various exchanges such as Coinbase, Kraken, Binance among other centralized exchanges.  Speaking of Coinbase, they too announced that it was supporting the Spark airdrop.

<center>![image.png](https://images.hive.blog/DQmbMqVpzAFuvp1MWU5ivcrxNUyBTaxLAugXamV6vnrmsDG/image.png)</center>

<center><a href="https://blog.coinbase.com/coinbase-to-support-flare-networks-spark-airdrop-5205ad889463">Source</a></center>

However, what goes up, must come down...in the case of gravity and XRP.  XRP bag holders sold huge amounts of XRP hours after the airdrop.  This was a classic buy the rumor, sell the news type of event as XRP bag holders were selling way before the airdrop as a means to bag some profits. 

  ![image.png](https://images.hive.blog/DQmanabGa6MWVbWs5Azkq3Vmf1R8GeWpwpLUiqCctSuj5t8/image.png)


As soon as the Flare Network took its snapshot, the selling accelerated.  And there my friends is why I don’t like airdrops, they remind me so such of IPOs on the stock market...too overhyped for my liking.









Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@rollandthomas/xrp-rises-and-falls-with-the-spark-token-airdrop)
👍 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,