In the wake of the SEC’s lawsuit against Ripple, XRP tumbled from $0.50 to lows of just $0.20… with one analyst making the dire prediction that the embattled altcoin will be a “remnant of history” by the end of 2021. But if the headline-grabbing drama has affected Flare Networks, the project’s done a very good job of hiding it—with the start-up making a slew of announcements as it prepares for launch.
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The Spark token airdrop helped XRP soar and then crater… but why?
SPARK is the native token of Flare Networks, an unlaunched blockchain that aims to let XRP compete with Ethereum
These tokens are going to run on Flare Network, a blockchain that’s yet to launch, with the intention of delivering smart contract functionality to the XRP Ledger. But what are these tokens meant to achieve, and what effect could they have on the value of XRP as we head into 2021?
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XRP is on a tear, coming close to digging itself out of the Spark hole (Photo: Pixabay-Miloslav Hamřík)Despite a huge day, XRP is still digging out of the red this week
Although XRP has substantially outperformed Bitcoin over the past 24 hours, it’s still flat over the last seven days. Does it have the legs to regain November’s highs?
The crypto sectors’ eyes were mainly on Bitcoin on Dec. 16, as it smashed records and broke $21,000. But it was also a very good day for XRP, which jumped 24% in just 24 hours after a very long, very bad week, making up almost all of the steep losses it saw in the wake of the Flare Network’s Spark token airdrop on Dec. 12.
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Flare Networks completes Spark token airdrop—but XRP’s price dives
XRP has dropped about 9% since the Dec. 12 drop, suggesting people sold up once the airdrop was over
Unfortunately for the world’s third-largest cryptocurrency, the Dec. 12 event proved to be a big drag on XRP, taking it down about 9% from its price of $0.55 the day before.
