Dec 13, 2020

What Happened To The XRP Price?

In the last 30 hours the price of XRP, the 3rd largest cryptocurrency, dived by almost 20%. This happened due to an airdrop. Those who knew about this, could profit, those who didn't, were in for a nasty surprise.

The airdrop snapshot took place at 00:00 GMT - everyone who had held XRP at that point in time will receive a commensurate amount of the new Flare cryptocurrency, once it is launched.

Events like this highlight the necessity to stay on top of news about every cryptocurrency you buy. Users of major exchanges participating in the airdrop like Coinbase, Kraken or Binance had it easier - these exchanges notified their users and made the participation in the airdrop significantly easier.

Even knowing about such events may not be enough - the XRP selloff started an hour before the airdrop. This must have included more than a few unlucky souls from Europe, who though the airdrop happened at 00:00 their local time.

Special events happen for Bitcoin too. On the 15th of December we should come closer to the resolution of the Mt. Gox bankrupcy case, meaning 150 000 BTC might be distributed to its creditors some time in the coming moths. Knowing when this will happen might have a significant impact on your crypto P&L.