XRP Breaks $0.27 as Investors Prepare for the Flare Networks Snapshot 16

XRP Breaks $0.27 as Investors Prepare for the Flare Networks Snapshot

Quick take:

  • XRP is once again above $0.25 and $0.26
  • XRP is attempting to turn the $0.27 price area into a level of support
  • The digital asset’s bullishness is as a result of the Flare Networks snapshot on the 12th of December at 0:00 UTC
  • Those who wish to be part of the event, are advised to move their XRP to an exchange or platform, confirmed to be participating in the snapshot

A quick glance at Coinmarketcap reveals that XRP is one of the few digital assets showing impressive 24-hour gains. At the time of writing, XRP is trading around the $0.27 price area and with a gain of 5.49% in the last 24 hours. XRP’s impressive performance can be seen in the screenshot below.

XRP Breaks $0.27 as Investors Prepare for the Flare Networks Snapshot 17
Screenshot courtesy of Coinmarketcap.com

What the Daily XRP/USDT Chart Says

The daily XRP/USDT chart further confirms XRP’s bullishness. From the chart (below) it can be observed that the price of XRP is confidently above the three daily moving averages: 50-day, 100-day and 200-day.

XRP Breaks $0.27 as Investors Prepare for the Flare Networks Snapshot 18

Additionally, XRP’s trade volume is in the green. The daily MACD has also crossed in a bullish manner with its histograms confirming increased buying interest. However, the daily MFI and RSI are a bit high with values of 67 and 73 respectively thus pointing to some level of consolidation for XRP in the days to follow.

In terms of resistances moving forward, XRP has the following short term price levels to contend with on its path towards $0.30.

  • $0.272
  • $0.277
  • $0.281
  • $0.287
  • $0.290
  • $0.295

XRP Could Continue on its Bullish Climb Due to the Flare Networks Snapshot

In terms of fundamentals, XRP investors have the Flare Networks snapshot event to look forward to. According to the team at Flare Networks, the snapshot will occur on the 12th of December at exactly 00:00 UTC.

XRP Investors Advised to Move their Digital Assets to a Confirmed Platform that Supports the Event

The team at Flare Networks has further advised XRP investors to be careful and to only transfer their funds to an exchange or platform that has confirmed its participation in the snapshot.

For XRP held at an exchange that is NOT supporting Flare.

To receive Spark – either: a) move it to self custody before 12/12/20 n’ make the claim or b) move to a supporting exchange before 12/12/20.

You must decide which supporting exchange you trust. We cannot accept liability.

A full list of exchanges and platforms supporting the snapshot can be found on the Flare Networks website and include the following.

Exchanges: AltCoinTrader, AnchorUSD, BitBay, bitbns, bitrue, btc markets, Celsius, Coinfield, CoinSpot, eToro, eToroX, GateHub, GOPAX, NDAX.IO, NEXO, Tokens.net, Uphold, YouHodler.com

Wallets: Cobo Wallet, Exodus, Guarda, Ledger, XUMM, DCENT, Ellipal, Gatehub, SafePal, MetMask (for those willing to manually carry out the procedure)

For more information on the Flare Networks snapshot, XRP holders are advised to visit the FAQs section of their site.