In a surprising turn of events, Ripple’s XRP is up 140% this week, making it the biggest top ten winner in the past seven days.
There’s no denying that XRP is a divisive sign that has been criticized on multiple fronts. Among the most recent explosions is the uncertainty brought about by the SEC’s indecision regarding XRP as a security and condemnation of its practice of XRP dumping, which ended in late 2019.
The situation was not improved by almost two years of falling prices and stagnation. In fact, XRP holders became the mockery of the crypto world during this period.
However, that changed last week when XRP managed to break key resistance at the $ 0.33 level. Since then, Ripple’s native token has rallied sharply and hit $ 0.80 today on Bitstamp. Register a peak at $ 0.92 with Coinbase.
Source: XRPUSD on tradingView.com
The move was enough for XRP to skip tether and take third place on CoinMarketCap. Currently, the market cap difference between the two is $ 13.6 billion.
@ TraderLenny commented on the shocking turn of events by congratulating Ripple.
“Honestly, who would have thought $ XRP would be the most powerful high cap in the last 7 days; and it’s not even near. It leaves both of them $ BTC and $ ETH far behind. I never thought I’d say that, but: Impressive stuff #Ripple.
Just like that, within two weeks there is talk that XRP has reached its previous all-time high of 3.30 US dollars again, not excluded.
However, it remains to be seen whether XRP can maintain this shape. After all, two years of price stagnation during which XRP showed little fight will go away in just two weeks.
Announced series of incentives to maintain the XRP network
The emerging Spark tokens Airdrop from the Flare Network is welcome news for XRP owners.
“The Flare Network is a smart contract platform that aims to improve the usability of various digital assets by allowing these digital assets to be used in their smart contracts. Flare is based on the Avalanche protocol and integrates the Ethereum Virtual Machine. The resulting network should be scalable, secure and decentralized. “
A snapshot from December 12th determines the distribution of the Spark tokens in a ratio of 1: 1. All registered XRP holders with the exception of Ripple Labs employees can make claims.
Also as part of Ripple’s Community Support Outreach ProgramThe company will distribute 5 billion XRP tokens to addresses on the whitelist.
“As far as the incentive payout system is concerned, until further notice: The reward payout is a percentage between 5 – 27% Of your current XRP balance. This percentage is final. An address on the whitelist receives its generated percentage and no more or less XRP. A double or multiple whitelist is not possible. “
This move was likely triggered by criticism of XRP as a 100% pre-mined token that only the founders benefited from.
Whether it is or not, it is clear that Ripple is taking steps to promote a more equitable ecosystem for everyone involved.
The question is, is this enough to revive XRP in the long run?