Singapore-based cryptocurrency exchange Crypto.com has recently updated its unique two-phased $XRP trading competition, shortly after the token benefitted from a landmark ruling in which a federal judge in New York determined it “is not necessarily a security on its face.”
Crypto.com’s trading competition, coined the “XRP App Campaign,” is slated to run until July 28, with a sumptuous prize purse totaling $20,000 in XRP up for grabs. The campaign divides into two segments: the Net Buy Challenge and the Trading Competition, each possessing a reward pool of $10,000.
Within the framework of the Net Buy Challenge, platform users are required to make a minimum of $5 in XRP net purchases on the Singapore-based exchange to stand a chance at securing a share of the $10,000 reward.
As the exchanges notes “2,000 users who perform at least US$5 worth of XRP Net Buys will be randomly selected to win US$5 of XRP each.” To elaborate, the net buy volume of a participant corresponds to the US dollar equivalent of the XRP tokens they have bought, sold, and deposited, less the total US dollar value of the XRP tokens they have withdrawn during the campaign.
The second prong of the campaign, the Trading Competition, mandates that users of the Crypto.com App execute at least $5 worth of XRP transactions during the campaign tenure to be eligible for a slice of the $10,000 reward pool.
A section of the official announcement disclosed that the top 500 users sorted by XRP trading volume could win as much as $1,000 of XRP based on the reward structure. Here, the trading volume alludes to the total dollar equivalent of the XRP purchased and sold by an entrant during the 14-day campaign.
The campaign was launched at a time in which $XRP has seen its trading volume skyrocket to surpass that of the flagship cryptocurrency Bitcoin ($BTC), as a result of the landmark ruling.
As CryptoGlobe reported, various analysts have been bullish on the cryptocurrency after the ruling came out, with a popular crypto analyst recently revealing he sees the cryptocurrency’s price explode to $6.
Earlier, analyst analyst Michaël van de Poppe focused on XRP saying he envisions a potential downward adjustment to approximately $0.65. This dip, however, is not cause for concern, as Van de Poppe believes it could set the stage for a bullish resurgence. According to his analysis, the post-dip rally could escalate XRP’s value to a high of $0.90.
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