Singapore – Recently, the XRP price suddenly crashed after a new massive airdrop gave fee digital assets to XRP holders. According to many sources, XRP tried to recover and gained 1%, putting an end to yesterday’s sudden price crash.
However, many critics stated that the digital asset, which increased by $0.51, deserves special attention today. Recently, the Flare Network posted an XRP blockchain snapshot that determined whom it should credit with free Spark tokens in the upcoming airdrop. It confirmed that many traders and investors dumped huge XRP holdings after the airdrop.
To be precise, the digital asset’s price dropped by around 8%. However, it also appears like XRP knows how to deal with the crash.
After the sudden crash and bargaining, traders finally pumped the price back up. Many crypto enthusiasts are wondering how the crypto market bounced back into action after the massive airdrop. Some stated that it could have something to do with institutional investors and their influx.
Many crypto investors still believe that XRP will play a vital role in the crypto revolution. Businesses and institutions should increase the public’s exposure to digital assets like XRP and Bitcoin. Ripple’s XRP exists because they aim to solve slow and expensive banking problems that most people experience worldwide.
Despite XRP’s price action, the digital asset has accomplished an excellent job in development. At the time of writing, the asset can sustain DeFi applications and assist smart contracts tremendously. It now appears that all XRP investments are paying off.
Last week, XRP received some gains, despite the few signs of sellers rising with full force. It still created a buying frenzy that boosted XRP’s technical strength and momentum. However, one analyst pointed out that XRP might still see some serious losses as long-term investors use the current price as an exit opportunity.