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XRP's price crashes by 8% due to the Flare network's act of providing addresses with free spark tokens.
XRP is the third-largest cryptocurrency by market cap. The Flare network's airdrop has created a huge impact on the value of XRP. The airdrop was focused on XRP holders who actively engage themselves in wallets and exchanges.
Though the top 10 cryptocurrencies by market cap are up - BTC experiences inflation of 3.2%, ETH with 2%, and Litecoin with a 4.4% hike in its price in the last 24 hours if the market trend, XRP has suffered an 8% drop. It is now priced at $0.5 per coin.
Flare is a yet to be released blockchain that will help smart contracts deal with XRP. This deal will happen in a trustless manner. This midnight, Flare has jotted down the addresses that held XRP in some participating platforms. These platforms included leading exchanges like Coinbase, Kraken, and Binance, or eligible wallets like Ledger, and Ballet.
Flare has planned to distribute free Spark (FLR) tokens to the eligible XRP holders. In some cases, people started holding XRPs just to get benefited from this airdrop. Leading up to the airdrop, the whales have hit an all-time high this week. This dump has caused the price of XRP to drop.