Key facts
- Binance will airdrop $800,000 in XRP to eligible Ripple USD (RLUSD) stablecoin holders.
- The airdrop campaign runs from July 17 to August 14, with rewards distributed weekly.
- Eligibility requires holding at least 0.01 RLUSD and meeting trading volume requirements in Margin or Futures accounts.
- RLUSD acquired via borrowing other stablecoins will be subject to a 60% haircut.
- XRP price saw a 5% increase, partly influenced by lower US CPI inflation data.
Binance, the world's largest cryptocurrency exchange, announced on July 15 that it will conduct an XRP airdrop for holders of its Ripple USD (RLUSD) stablecoin. The campaign aims to reward eligible users with approximately $800,000 in XRP.
To qualify for the airdrop, users must maintain a minimum of 0.01 RLUSD in their Binance Earn, Margin, and Futures accounts between July 17 and August 14. Additionally, they need to have an average daily trading volume of $500 or more in Margin or Futures on any trading pair. The airdrop rewards will be distributed every Friday until August 14.
Binance noted that RLUSD acquired through borrowing other stablecoins will be subject to a 60% haircut, accounting for liabilities in Margin Accounts. Broker accounts are eligible for the airdrops with no individual reward cap, though certain countries are excluded.
The announcement comes as RLUSD's market cap stands at $1.51 billion, having experienced a drop of over 10% in recent weeks. The stablecoin had previously reached highs above $1.81 billion in early June, partly due to Mastercard's integration for 24/7 settlement on XRPL. However, delays and reduced odds of the Clarity Act passing impacted its value.
Meanwhile, XRP's price saw a 5% increase, influenced by US CPI inflation data coming in below expectations at 3.5%. Trading volume for XRP also rose by 40%, suggesting a buy-the-dip sentiment. Data from CoinGlass indicated significant buying activity in the derivatives market, with total XRP futures open interest jumping 3% to $2.44 billion in the last four hours. Lower US PPI data and the Binance airdrop are expected to further bolster bullish sentiment among derivatives traders.