As AZCoin News reported, according to Santiment, the number of addresses holding between 10 and 1 million token reached a new all-time high. It can be said that XRP price is one of the few cryptocurrencies showing impressive gains in the crypto market. However, the rise in XRP holders could be attributed to the flare network snapshot. In another development, Ripple CEO Brad Garlinghouse believes XRP could prove to be the ideal solution for central banks looking to bring their currency into the digital age.
One possible reason behind Ripple coin accumulation was the Flare Networks snapshot event on December 12 at 0:00 UTC. The snapshot will be used to determine which addresses will receive the unpublished Spark token airdrop.
As a result, the team at Flare Networks advised Ripple investors and traders to move their digital assets to a crypto exchange or snapshot event wallet.
XRP investors are also warned against sending their digital assets to random platforms or individuals claiming to be part of the event.
An earlier analysis noted that Ripple coin has comfortably regained the $ 0.25 and $ 0.26 price zones as support zones. XRP is currently consolidating at $ 0.27 in a move that could herald an attempt to break down $ 0.30 in the following days. At the macro level, XRP is showing some bullish trends on the weekly chart, as will be elaborated.
To begin with, the weekly chart is about to end the week on the bullish Heikin Ashi Candles. Weekly trading volume also confirmed increased XRP buying. The weekly MACD is in the process of a bullish crossover above the baseline. The weekly MFI and RSI are at 56 and 58, respectively. This means that XRP has not been overbought on a macro level.
Hence, XRP could prepare for a few weeks of bullishness, which most likely points towards the scenario predicted by Timothy Peterson of a 2021 bullish year for XRP.
In a new interview on The Scoop podcast, Ripple CEO Brad Garlinghouse said that when central banks began rolling out their own currencies, liquidity sourcing and interoperability Preference between currencies can be a challenge.
According to him, that’s why Ripple is pushing XRP as a bridge asset to power cross-border transactions and exchange one currency for another.
“The whole point of Ripple in our context is to be a bridge asset. So if you’re using a US dollar stablecoin, you still need to get to a Brazilian Real stablecoin or Australian stablecoin. The point of Ripple’s efforts is to enable a lot of efficiency and liquidity between XRP and the US dollar, and XRP and the Australian dollar. You just have to worry about one bridge as opposed to liquidity between every pair. So just using stablecoins doesn’t really solve the problem that Ripple coin is solving. Ripple as an extremely efficient, extremely scalable blockchain, is ideally suitable for that.”
Additionally, he said Ripple is exploring more ways to branch out of the cross-border payments space in the future.