Quick take:
The remittance coin of XRP is looking at a bleak future in terms of price ahead of the Flare Networks snapshot on the 12th of this month. The hype and excitement surrounding the event had caused a lot of traders and investors to look forward to XRP breaking $0.80 and perhaps $1
. This was primarily due to the fact that XRP had formed a symmetrical triangle that hinted at a bullish scenario as the Flare Networks snapshot drew nearer.However, a quick glance at the crypto markets reveals that the trading environment is a bearish one after Bitcoin dropped from $19,300 levels to $17,800 in a span of 24 hours. XRP is highly correlated to Bitcoin and the drop by BTC has also resulted in the remittance coin falling from $0.60 levels to $0.51.
XRP has once again found substantial support at the $0.50 price area but a bearish Bitcoin
might result in this area being lost before the Flare Networks snapshot. To get a feel as to what the short-term future holds for XRP, the following daily XRP/USDT chart shall be used.From the chart above, the following can be observed.
From a fundamentals point of view, XRP’s price action not living up to expectations is not necessarily a bad thing. XRP traders and investors who will participate in the Flare Networks snapshot will have the Spark Token (FLR) airdrop to look forward to in 2021. The ‘free’ tokens are enough reason to be bullish on XRP and its future in DeFi as a result of the implementation of the roadmap by the team at Flare Networks.