spark token airdrop

Coinbase and Binance.US Will Support Flare Network's Spark Token Airdrop, Ripple's XRP Price Could Dip

Major cryptocurrency exchanges Coinbase and Binance US are the latest exchanges that have announced support for the Flare Network’s upcoming Spark airdrop, which saw Ripple’s XRP token price surge briefly before once again correcting below the $0.60 resistance.

The Spark Airdrop from the Flare Network, a smart contract platform solidly backed by Ripple has been the main point of talk in the Ripple community lately with an initial scare that key exchanges including Coinbase and Binance US amongst others will not be participating.

The Flare airdrop will be taking place on the 12th of December with a total of 45 billion tokens scheduled to be distributed among the holders of XRP on a 1:1 basis. As noted by Coinbase, the eligibility for participating in the airdrop is to be an XRP coin holder.

Coinbase exchange announced in a blog post:

“If you are an eligible customer holding an XRP balance on Coinbase or Coinbase Pro on the snapshot date and time of December 12, 2020, 00:00 AM UTC, you’ll receive Spark tokens from Coinbase at a later date after the Flare network launch. The amount of Spark you’ll receive depends on how much XRP you had in your account at the snapshot time.”

The move by Binance US is also a complement to the main Binance exchange that announced its support much earlier. By the support for the much-anticipated Spark airdrop, Coinbase, and Binance US customers with the former having a total XRP locked amount of $3 billion will be able to partake in the airdrop.

Implications for the XRP Coin

The XRP coin has coasted higher in the past days with the Flare Network’s Spark token airdrop contributing to the bullish run of the coin closely associated with the payment company Ripple. According to Coingecko, XRP price has surged by 178.7% in the past one year with a corresponding growth of 149.2% in the past month.

For a coin that has been battling regulatory uncertainty with the SEC, the gains are impressive and further boosted with the news of the Spark Token airdrop as Blockchain.news reported. With XRP price currently up 1.6% in the past 24 hours, the growth momentum of the third biggest coin by market capitalization is however not a promising one in the near-term.

Source: TradingView XRP/USD

The XRP token is trading at $0.59 at time of writing, still moving sideways along the $0.60 resistance level. From the XRP-USD chart on TradingView, the XRP coin has a Relative Strength Index (RSI) of 49.83, a below neutral position that suggests that market bears are wresting control of the market and we could expect a dip in the XRP price in the short-term before the bulls return. The 20-day Moving Average is also not bullish and further supports the position that investors should be watchful in order not to be caught by surprise in the next few days as we expect Ripple’s XRP token price to dip below $0.55 before resuming its bull run.

Binance.US Preps Ripple XRP Holders for Spark Token Airdrop, Over 81,500 XRP Accounts Ready for Tomorrow’s Snapshot

Binance.US has been among the last ones to express support for Flare Networks’ Spark token airdrop, but the US-based cryptocurrency arm of Binance has been all over it since the announcement.

Depending on the cryptocurrency exchange that XRP holders have used to lock in their XRP funds in preparation for the free Spark token giveaway, procedures vary slightly.

On Binance.US, XRP deposits and withdrawals will be suspended on December 11 at 5 pm EST so that the funds could be prepared for the Ripple-funded Flare Networks’ snapshot, which will happen on December 12. Flare Networks, a smart contract utility fork of Ripple, has hosted the cryptocurrency giveaway, as a way to promote FLR tokens, and this will greatly benefit Ripple XRP holders.

XRP holders will receive free Spark tokens on a 1:1 ratio with their XRP funds. With the upcoming snapshot, Flare Networks will be able to keep a record and track how much XRP a given investor holds in order to distribute Spark (FLR) tokens to Ripple holders at a later date. In order to be eligible for the cryptocurrency giveaway, the XRP held on Binance.US needs to be above 10 XRP. Per Binance.US’ specifications:

“Balances above 10 XRP held on BinanceUS at the time of the snapshot will be eligible. You MUST include the Address + TAG when sending XRP to BinanceUS. Failing to do so may result in XRP not arriving on time.”

XRP locked and loaded for Spark token airdrop

At the time of writing, more than 81,500 XRP accounts have been prepared for the Spark token airdrop, which will see 45 billion free FLR tokens distributed to XRP holders, with the exception of Ripple Labs.

The total amount of XRP running on the prepared accounts translates to more than 17.5 billion XRP, and that number is likely going to go up with last-minute deposits.

With the upcoming Spark token launch, Ripple’s XRP price is predicted by market experts to rise. Currently, it is trading in the red, following Bitcoin’s movement. The mainstream cryptocurrency has plunged from its highs above $19,000 to around $17,500, dragging altcoin prices down along with it.

In the last 24 hours, XRP price has been trading down by a near 4%, but with Spark token’s airdrop tomorrow, the price action may be salvaged and reach higher.

Ripple Whales With at Least 10 Million XRP Reach an All-Time High as Spark Token Airdrop Looms

With the free spark token giveaway by Flare Networks scheduled for tomorrow, Ripple (XRP) whales have been keeping a keen eye on this airdrop as the number of Ripple addresses has reached an all-time high (ATH).

New data by Santiment reveals that Ripple addresses holding more than 10 million tokens have broken the record at 339.

Crypto whales are smashing records

The on-chain data provider took to Twitter to disclose this milestone, suggesting that XRP whales could be smiling all the way to the bank. Santiment tweeted:

“Leading up to tomorrow’s SPARK airdrop, Ripple’s addresses have grown rapidly. Particularly, addresses with 10M or more tokens (currently $5.67M or more) have risen to an ATH of 339. This looks promising for the tier that has the most XRP at stake.”

With the crypto market undergoing a price frenzy in recent weeks, the number of crypto whales has been tagging along by hitting record highs. For instance, Bitcoin (BTC) whales linked to crypto wallets holding more than 10,000 BTC have surged to 111 by mid-November. Furthermore, the number of Chainlink (LINK) whales holding more than 1,000 LINK grew by more than 445 in November.

The growing number of Ripple whales shows the third-largest cryptocurrency based on market capitalization is not being left behind in this crypto bandwagon.

XRP holders to benefit from Spark token

Ripple holders who have locked in their XRP funds in anticipation of the Spark token airdrop are expected to gain in profit.

Precisely, Flare Networks, a smart contract utility fork of Ripple, is hosting the cryptocurrency giveaway to promote FLR tokens, which will greatly benefit XRP holders, given that they will receive free Spark tokens on a 1:1 ratio based on their Ripple funds.

Furthermore, Flare Networks will be able to keep a record and track how much XRP a given investor holds through a scheduled “snapshot” in order to distribute Spark (FLR) tokens to Ripple holders at a later date.

Based on this concept, Ripple whales are expected to be the largest beneficiaries. This, therefore, explains their record-breaking number.