Quick take:
- Approximately 426.65 Million XRP was accumulated in preparation for the Flare Networks snapshot
- 43,146 new XRP accounts were also created in preparation for the Flare Networks snapshot
- A total of 94,048 XRP accounts are reportedly ready to claim Spark Tokens
- XRP’s bullish momentum is being pulled down by a correcting Bitcoin
- If Bitcoin maintains $18k as support, XRP could retest $0.62, $0.65 or $0.68
The Flare Networks snapshot is less than 48 hours away. The event will occur on the 12th of December at 00:00 UTC and will provide XRP investors with the opportunity to claim Spark Tokens (FLR) next year between March and May.
XRP Holdings Increased by 426 Million Due to the Flare Networks Snapshot
According to data from XRP community member @ronaldonline777, a total of 426.65 Million XRP coins have been accumulated by investors in preparation for the Flare Networks snapshot. Additionally, 43,146 new XRP accounts have been created with a total of 94,048 XRP accounts ready to participate in the Flare Networks snapshot.
The information was shared via the following tweet that also has an infographic highlighting the crypto exchanges participating in the Flare Networks snapshot.
⚡️#SPARK⚡️
🔜[2 DAYS #SPARK SNAPSHOT]
🧨UPDATE🧨
~ 94.048 accounts set up the claim for the #SPARK token
~ 21 Billion #XRP balance 👏👏426 Million #XRP holdings increased and 43.146 new #XRP accounts have been created. #XRPCommunity @FlareNetworks #UnlockingValue pic.twitter.com/QQP7KiodH0
— Ronald (@ronaldonline777) December 9, 2020
XRP’s Bullish Momentum is Being Brought Down By a Correcting Bitcoin
As with most airdrops in the crypto-verse, XRP investors and traders had expected the price of the remittance coin to experience a bullish wave ahead of the event. This is usually the norm as investors and traders accumulate the concerned digital asset in a bid to claim ‘free’ tokens in the form of an airdrop;
However, XRP has been oscillating between $0.50 and $0.60 after Bitcoin experienced a massive correction from $19,300 to $17,600. At the time of writing, XRP is trading around the $0.57 price area in what looks like consolidation for either a spike up or a correction below the $0.50 support zone.
Chances are that XRP might experience a significant bounce if Bitcoin can provide the ideal market environment. The King of Crypto looks set to reclaim the current $18k price level as support and begin its journey back to $19k.
If Bitcoin’s price action plays out according to the latter scenario, XRP could have a chance at retesting resistance levels at $0.62, $0.65 and $0.68. A move back to $0.80 seems highly unlikely at this point, at least in the short term.
