The price of the third-largest cryptocurrency by market capitalization, XRP, has surged over 118% in the last 30 days ahead of a major token airdrop set to occur on December 12, which will reward XRP token holders with Spark tokens.
According to CryptoCompare data, the price of XRP went form about $0.2455 per coin while it is currently trading at $0.541. The price of the cryptocurrency hit a yearly high earlier this month at $0.75 but faced a steep correction along with the rest of the crypto market after BTC failed to hit a new all-time high.
The third-largest cryptocurrency currently has a market cap of $24.67 billion based on a circulating supply of 45.34 billion XRP, out of a total supply of 100 billion tokens. Its market capitalization means it makes up about 4.85% of the cryptocurrency space, behind Ethereum’s 11.49% and Bitcoin’s 62.47%.
Data from Ripple shows that the XRP network often confirms close to and over one million transactions per day, with its peak coming in October 2019 when up to 4.5 million transactions were confirmed in a single day. In comparison, the bitcoin network confirms on average 300,000 transactions per day.
The price of XRP may have outperformed most other cryptoassets over the last 30 days thanks to the upcoming Spark token airdrop. On December 12 the Flare Network, a partner of XRP’s biggest player Ripple, will take a snapshot of the blockchain and distribute 45 billion out of a total of 100 billion Spark tokens to XRP holders.
According to Flare most top cryptocurrency exchanges – including Bithumb, Binance,Crypto.com, and KuCoin – will support the airdrop, which means users holding XRP on these platform at the time of the snapshot will be awarded their Spark tokens. Per Flare, it’s also possible for users to move their funds into self-custody to get the tokens.
The new network claims to be the world’s first “Turing complete Federated Byzantine Agreement (FBA)” network. The new platform will integrate the Ethereum Virtual Machine (EVM) and use a layered protocol to enable trustless issuance and redemption of XRP on Flare (FXRP), as opposed to deriving safety from a token.
Featured image via Pixabay.