Ripple enthusiasts and XRP army of fans were beyond excited recently when their favourite digital asset surged like crazy.
Following the latest price drops in the crypto market, XRP now seems to be recovering.
At the moment of writing this article, XRP is trading in the green, and the coin is priced at $0.621869.
XRP’s rally – what triggered it?
An executive at the crypto investment firm Kenetic Capital said that XRP’s recent bull run was fueled by the following important factor.
Managing partner Jehan Chu said that the coming Flare airdrop, which is set to happen on December 12th triggered a burst of retail buys.
All these sent the digital asset from $0.30 on November 19th to a high of $0.76 just four days later.
Chu told the Daily Express that he believes the airdrop which will be giving XRP holders a new governance token called Spark awakened the coin from its long slumber.
“The impending airdrop is supercharging the XRP bull market and whipping mindshare of one of the largest crypto communities into a frenzy,” he said.
He continued and pointed out to the fact that “With the imminent launch of Flare, a smart contract utility fork of XRP, the pair will attempt to challenge Ethereum’s dominance in decentralized finance and decentralized applications.”
The popular analyst Credible Crypto also had a prediction for XRP’s price.
To be able to buy $XRP anywhere between .38-.55 is a blessing. If you get this chance, you best take it. No guarantees we get the lower end of this range, so DCA’ing down is your best bet.
— Credible Crypto (@CredibleCrypto) November 26, 2020
Ripple’s Brad Garlinghouse also had a message for his followers:
— Brad Garlinghouse (@bgarlinghouse) November 28, 2020
Stay tuned for more news.