Singapore-based cryptocurrency exchange Crypto.com has revamped its two-phased XRP trading competition following a landmark ruling that declared XRP “is not necessarily a security on its face” by a federal judge in New York.
The “XRP App Campaign” will run until July 28, featuring a generous prize pool of $20,000 in XRP up for grabs. The competition consists of two segments: the Net Buy Challenge and the Trading Competition, each with a $10,000 reward pool.
In the Net Buy Challenge, platform users must make a minimum of $5 in XRP net purchases on the exchange to qualify for a chance to win a share of the $10,000 reward. Approximately 2,000 users who perform at least US$5 worth of XRP Net Buys will be randomly selected to win US$5 of XRP each. The net buy volume corresponds to the US dollar equivalent of XRP tokens bought, sold, and deposited, minus the total US dollar value of XRP tokens withdrawn during the campaign.
For the Trading Competition, Crypto.com App users need to execute at least $5 worth of XRP transactions during the campaign period to become eligible for a slice of the $10,000 reward pool. The top 500 users sorted by XRP trading volume have a chance to win up to $1,000 worth of XRP based on the reward structure. Trading volume refers to the total dollar equivalent of XRP purchased and sold by a participant during the 14-day campaign.
The campaign was launched when XRP’s trading volume surged, surpassing that of the flagship cryptocurrency Bitcoin ($BTC), following the landmark ruling that favored the cryptocurrency.
Analysts have shown optimism about XRP’s future after the ruling, with one predicting its price to skyrocket to $6. Another analyst, Michaël van de Poppe, forecasts a potential short-term dip to around $0.65 for XRP, which he believes could pave the way for a bullish resurgence. His analysis suggests a post-dip rally could potentially push XRP’s value to a high of $0.90.
As the competition unfolds, Crypto.com is capitalizing on the renewed interest in XRP, offering users a chance to win substantial rewards and benefit from the cryptocurrency’s positive momentum. The XRP trading competition highlights the ever-evolving cryptocurrency market, where new opportunities and potential gains continue to attract traders and investors alike.