Ripple (XRP) holders exhibit bullish sentiment toward this cryptocurrency amid the upcoming Spark token airdrop planned by Flare Network. A lot of major exchanges recorded more inflow and increases in XRP-related transactions in recent weeks. This is because many investors moved their coins to exchanges in preparation for the Spark airdrop snapshot, which takes place tomorrow.
10+ Million XRP Whale at ATH
XRP addresses show a notable increase since November 2020. Addresses holding 10 to 1 million coins spiked to an all-time high on November 15. A tweet from the analytics company earlier today confirmed that the number grew even further, especially where larger addresses are concerned. Per Santiment, the XRP whale addresses with at least 10 million coins increased to 339. About 31 of these addresses (over 10 percent) joined the list just three weeks ago.
🐳 Leading up to tomorrow’s $SPARK airdrop, #Ripple‘s addresses have grown rapidly. Particularly, addresses with 10M or more tokens (currently $5.67M or more) have risen to an ATH # of 339. This looks promising for the tier that has the most $XRP at stake. https://t.co/x7TV1Pt23n pic.twitter.com/iw9Oc6U87o
— Santiment (@santimentfeed) December 11, 2020
It’s safe to assume the promise of the Spark airdrop spurs bullish momentum amongst XRP holders – the kind not seen in ages. Statistics for the Spark airdrop shows there is about 21 billion XRP in exchange balances for the airdrop. Since December 6, XRP holdings increased by more than 420 million. Within the same period, about 43.1K new addresses were created on the Ripple network.
Spark Airdrop Snapshot Happens Tomorrow
The snapshot for the Spark token airdrop is scheduled to happen on December 12. A crucial aspect to explain the increase in the addresses. Flare Network plans to issue the tokens to XRP holders based on this balance snapshot. Holders can expect to receive an equivalent number of Spark, as it airdrops in a 1:1 ratio with their XRP holdings.
The Spark token, which launches as the utility fork token of XRP, follows a partnership between Flare Network and Ripple. The team at Flare explained in a blog post in August, saying that “Spark is created through what may be the first-ever utility fork whereby the origin network, in this case, the XRP Ledger, benefits through increased utility.”
Many crypto exchanges announced support for the airdrop, including Binance and Coinbase. The current XRP activities across these exchanges are bullish. However, it remains unknown if the holders can keep to it after the snapshot tomorrow. A major shift in price momentum is not out of the question.
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