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Summary (IA Generated)
coin-lending-service/”>XRP has chalked up an impressive rally to two-year highs in the last few days, and an imminent airdrop may be driving the gains.
On-chain activity has picked up the pace alongside the price rally, with the new account activations on the coin-lending-service/”>XRP Ledger rising more than 200% to a record high of 5,562 in the past five days, according to data source XRPScan.
Analysts are associating the surge in XRP’s price and other metrics with the smart contract platform Flare Network’s airdrop of “spark” tokens to XRP holders.
“The impending airdrop is supercharging the XRP bull market and whipping mindshare of one of the largest crypto communities into a frenzy,” according to Jehan Chu, a managing partner at Hong Kong-based blockchain investment firm Kenetic Capital.
Exchange inflows of XRP have soared alongside the price rally, suggesting increased selling pressure in the market.
3 billion XRP, worth nearly $1 billion, have been transferred to cryptocurrency exchanges since Saturday.
That’s more than three times the average daily inflow seen in 2019, according to blockchain intelligence firm Chainalysis.
According to Chainalysis economist Philip Gradwell, the inflow rise doesn’t necessarily imply an imminent sell-off.