XRP’s Price Recovers From Crash That Followed Huge Airdrop
XRP’s price crashed after a massive airdrop gave free crypto to XRP holders who held funds in participating exchanges and wallets. Now, it’s on the up.
Whoo boy. Another big day for the crypto market. In the past 24 hours, Bitcoin and Ethereum increased by 4.7%, ending several days of stagnancy, and XRP is up by 1%, putting an end to yesterday’s swift price crash yesterday.
Here’s the rundown of the major coins. Bitcoin increased by 4.72% in the past 24 hours to $19,304, Ethereum by 4.73% to $583, Litecoin by 7.25% to $80.55 and Bitcoin Cash by 3.89% to $275.
XRP, which increased by 1% to $0.51, deserves special attention. On Friday, the Flare Network took a snapshot of the XRPblockchain to determine whom it shall credit with free Spark tokens in an upcoming airdrop.
It appears that traders dumped huge holdings of XRP hours after the airdrop. The token's price dropped by about 8%. But it also appears like the market has dealt with the crash. After denial, anger, bargaining and depression, traders finally accepted the blow and pumped the price back up.
So, why did the crypto market bounce back into action after a week of stagnation? Bleh! Who knows? But it could have something to do with the influx of institutional investors.
MicroStrategy, a US business intelligence firm, this week announced that it has raised $650 million to fund its Bitcoin investments. MicroStrategy has already bought $500 million of the coin. It began purchasing Bitcoin this summer.
Interested in Ripple? Check out our guide: How to buy XRP.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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