Binance Announces Major XRP Airdrop for RLUSD Stablecoin Holders

The world’s largest crypto exchange Binance on Wednesday said it plans to airdrop XRP coins to Ripple USD (RLUSD) holders. This could significantly boost RLUSD market cap and strengthen ties between the crypto exchange and Ripple.

Binance to Airdrop XRP to Ripple USD (RLUSD) Stablecoin Holders

Binance to launch an XRP airdrop campaign for rewarding all eligible users who hold Ripple USD (RLUSD) stablecoin, according to an official announcement on July 15. The leading crypto exchange plans to airdrop $800,000 in XRP.

Eligible users who maintain RLUSD holdings on Binance Earn, Margin and Futures Accounts during the period from July 17 to August 14 will receive XRP rewards. The airdrop will happen every Friday until August 14.

Users need to maintain at least 0.01 RLUSD in their above-mentioned accounts. Also, they need to have $500 or more in average daily trading volume in Margin or Futures on any pairs to become eligible.

Notably, RLUSD acquired through borrowing the other stablecoins will see a 60% haircut. This comes after accounting for liabilities in Margin Accounts from other stablecoins, including USDT, USDC, U, USD1, and FDUSD.

Broker accounts are eligible to receive XRP airdrops, with no individual cap on rewards. However, Binance has restricted airdrops in some countries.

Price and Market Cap Pick Up Momentum

RLUSD has a market cap of $1.51 billion at press time, following a more than 10% drop over the past few weeks. Trading volume has dropped 6% in the past 24 hours.

The Ripple USD stablecoin hit a high above $1.81 billion in early June due to expansion and 24/7 settlement using RLUSD on XRPL launched by Mastercard. However, it plunged amid delays and a major drop in Clarity Act passing odds.

Meanwhile, XRP price jumped 5% as US CPI inflation came in below expectations at 3.5%. The 24-hour low and high are $1.07 and $1.12, respectively. However, a 40% rise in trading volume indicates buy-the-dip sentiment among traders.

CoinGlass data showed massive buying in the derivatives market. At the time of writing, the total XRP futures open interest jumped 3% to $2.44 billion in the last 4 hours. Lower US PPI data and the Binance airdrop could further boost bullish sentiment among derivatives traders.

Traders looking to take advantage of these market swings can evaluate the features and fee structures of the best crypto futures trading platforms to find optimal liquidity for XRP and stablecoin contracts.