The Ripple Network activity lost its power right after the Spark airdrop hype as the investors were scrambling to purchase XRP and lay claim to the corresponding amount of the Spark tokens as we reported in the previous Ripple price news.
The Ripple network activity lost is power post Flare airdrop which only suggests that the asset fundamentally lost its spark but the technicals on the flipside suggest that the spark was enough to boost up the flame and the first wave is only the start of the full explosion to come. Ripple missed the summer season and was quite unaffected by the bullish action presented by Bitcoin. The altcoin remained stagnant and became the worst-performing asset for three years after it performed so poorly and was forced to buy back the portion of its supply to reignite the interest.
The tactic failed but the spark for the breakout arrived with the Flare Network airdrop with the issuance of the Spark tokens to anyone that held XRP at the time of the blockchain snapshot. The allure of free Spark tokens caused a huge breakout in XRP and brought about a 200% rally from the start of the airdrop to the finish. After the snapshot, however, Ripple’s protocol activity fell off a cliff and the price followed right after. Ripple’s network activity dropped to monthly lows after the snapshot according to the data by Santiment but while things are slowing down for XRP fundamentally, the technicals suggest that the rally is just beginning thanks to the fuse sparked by the Flare Network new coin.
XRP/USD flipped the bear market resistance as support and hold above a high point set in 2017 with a bullish breakout registering on the Average Directional Index with a sharp increase and increase over the key level of 20. ADX reading of 20 suggests that a trend is strong and above 20 it usually indicates that the trend has just started. During the last cycle, there were two impulses that were packed together like the green DMI+ line which spiked upwards and another time before ADX passed right through the bullish indicator. After 9 months of consolidation, Ripple finally reached for the start and set its peak price at $3 in 2018.
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