Flare CEO Updates XRP Holders on Massive Upcoming Spark Token Airdrop – Here’s What’s Happening

The road to Flare’s much-anticipated airdrop to XRP holders is in its home stretch, according to the company’s chief executive.

Hugo Philion, CEO and co-founder of Flare, says on Twitter the company is working to upgrade their Songbird network before the airdrop of Spark (FLR) tokens.

“For all those asking where their FLR is. We are upgrading Songbird, before the end of March 2022, with the final two protocols required before Flare launch. This will then allow us to proceed to Flare launch. A full roadmap to Flare launch will be released in the coming weeks.”

Flare Network, with its native FLR token, aims to essentially bring smart contract capabilities to various blockchain networks, starting with XRP and then Litecoin (LTC).

When Flare launches, the company says that each eligible holder will immediately receive 15% of their claimable Spark tokens, and then claim an average of 3% per month, carrying on for a minimum of 25 months and a maximum of 34 months.

Philion says Flare is communicating with top exchanges about the upcoming airdrop.

“With regards to exchange distribution of the FLR token, we have reached out to the largest exchanges to get full definition on what they require in order to distribute the token so that Flare meets those requirements.”

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XRP Holders Will Soon Receive Flare’s Highly Anticipated Airdrop

For the first time, Flare Networks is formulating a firm date on which it will execute its highly anticipated token airdrop.

Flare Networks is announcing that it will likely begin distributing its native FLR tokens to XRP holders late this June.

“The FLR distribution will start when the Flare Network goes live. The team is working to make this happen SAFELY as soon as possible. It is dependent on finishing security testing. We expect this at the end of June +/- 2-4 weeks.”


Last year, the firm partnered with Ripple to airdrop XRP holders a total of 45,827,728,412 FLR tokens.

Flare will also be airdropping its native token to LTC holders sometime in the future.

Flare is a new blockchain network that intends to help assets such as XRP, Litecoin (LTC), and possibly BTC to enable smart contract functionality and access decentralized finance (DeFi).

Earlier this year, Flare’s co-founder Hugo Philion commented on the firm’s plans to build out its ecosystem with a strong commitment to maintaining a decentralized and automated framework that ensures there is no central authority running its network.

“Flare is creating a network. Then once it creates a network, that network has a foundation. After that point, there is a governance process for everything. Flare will not be just continually adding new things without governance from a network. Because specifically we cannot. That is not the way this works. It has to be a decentralized network. It has to have governance and also, we cannot as a foundation, and even as a sponsor, potentially related commercial entity, we cannot undertake to do anything for the network. Because as you have seen as many, many different cold cases, we make no undertaking that we have any responsibility towards building.

This is not a security… We are setting up a network. It is going to run like an automaton and hopefully it provides utility and it bulls an ecosystem around it.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Ripple-Backed Flare Networks to Launch a Spark Token Airdrop for Litecoin

Flare Networks has announced that they will be hosting yet another airdrop for their native Spark token.

smartphone airdrop

Second crypto giveaway by Flare Networks

This time, however, the cryptocurrency giveaway will target Litecoin (LTC) holders instead of XRP holders. Flare Networks, which is a smart-contract utility fork of Ripple, had announced previously that they will be distributing 45 billion Spark (FLR) tokens from the 100 billion that will be minted. The announcement follows the Spark token Airdrop Program, which went live on December 12, with a snapshot of XRP holders’ funds on participating exchanges and wallet platforms. The snapshot recorded the total amount of XRP investors held so that Spark tokens could be distributed freely to them on a later date, sometime in the first quarter of this year.

In order to be able to launch a second airdrop for Litecoin, Flare Networks will reduce the cryptocurrency amount that was initially going to be shared among its founders. For the second airdrop, a budget of five billion FLR tokens have been set. The announcement read:

“Flare foundation token allocation will be reduced so that 5 billion FLR can be distributed to LTC participants.”

Flare announced that more details will be revealed later on. With the new cryptocurrency giveaway for Litecoin holders, this may draw crypto users to leverage Flare Networks’ smart contract platform more for lending and transacting. The Flare mainnet, which is to be released in the second quarter of 2021, will aim to deliver Ethereum-like smart contract functionality to different networks, such as Litecoin and XRP Ledger. Flare said:

“Flare will be integrating Litecoin ahead of the Flare network launch in Q2. This will allow LTC to be used trustlessly on Flare with Ethereum style smart contracts and gives LTC interoperability and composability.”  

XRP holders will receive their Spark tokens as planned

Although XRP has been having a hard time struggling to stay afloat since the SEC lawsuit against its mother company Ripple Labs, it has since recovered slightly in price. Despite the lawsuit, Flare Networks has said that the cryptocurrency giveaway of Spark tokens to XRP holders on a 1:1 ratio will remain unaffected.

XRP’s survival in the cryptocurrency market may be attributed to the majority of its trades happening outside the US. Although many exchanges in the United States had halted XRP trading or delisted the token altogether, XRP transactions outside of the United States are still being conducted, with the majority of it coming from Asia. This may serve to partially explain why XRP has managed to stay afloat despite the SEC’s clampdown on the token in the United States. Per the lawsuit, it alleges that XRP is a security.

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New XRP Trading Pair Available as Bitrue Launches “IOU” Spark Token Trading

Ripple-funded Flare Networks’ may see an early wave of supporters for its native token Spark (FLR), as Bitrue crypto exchange announced that the XRP/Spark (FLR) token trading pair has officially launched on their platform.

Flare Networks’ official airdrop for its Spark token went live on December 12. The Spark Token Airdrop Program gained a lot of traction as Flare announced that the new FLR tokens would be receivable on a 1:1 ratio with XRP. The first part of the giveaway featured a snapshot of XRP holders’ total funds, with the blockchain startup’s plans to distribute Spark tokens at a later day. Currently, Spark tokens have not yet been fully minted, but Flare Networks revealed that a total of 100 billion Spark tokens will be created. Of that amount, 45 billion will be distributed to existing XRP holders around March.

Bitrue has capitalized on the occasion to announce that it has already created a trading pair of XRP/FLR. The recent lawsuit of the Securities and Exchange Commission against Ripple for XRP sales does not seem to have deterred the cryptocurrency exchange.

Will XRP holders capitalize on Bitrue’s new trade offer?

Currently, it appears to be one of the few that has announced a trading pair of XRP/FLR. As Spark tokens have not yet been minted, Flare Networks will be issuing trading through an IOU (I-owe-you) basis until FLR’s supply is officially made available to the public. The only requirement is that clients need to have passed the “Know-your-customer” (KYC) procedures, meaning their identity needs to be verified and their risks and suitability be assessed by a professional before they start trading.

Flare Networks said:

“Please note that FLR trading will only be available to users who have passed KYC verification. FLR trading will NOT be available to US or Singaporean users until the official Spark distribution, which is expected to happen around Q1 or Q2 2021.”

Bitrue’s announcement for a new trading pair may be another means for investors to liquidate their XRP holdings, as currently, many seem to be inclined to sell the token. Currently, XRP has considerably dropped in value since the Securities and Exchange Commission’s lawsuit against its founding company, Ripple.

Previously, Flare Networks clarified that if exchanges wanted to offer Spark tokens as a debt, they could go ahead and do so, but that this had nothing to do with Flare. The blockchain fork noted that there was also no public sale of Spark tokens as of now, as FLR has not yet been minted.

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What Caused Ripple XRP to Crash After Spark Airdrop and What It Will Take for Its Price to Surge Again

Although market traders were expecting Ripple’s XRP token to soar to unfathomable heights following Ripple-funded Flare Networks’ airdrop, the cryptocurrency did the opposite – XRP’s price crashed instead.

Rather than gaining, XRP took a nosedive after the Spark token airdrop. The price plunge of XRP was attributed to one major explanation – following the airdrop, many traders dumped their XRP funds, sending the token price down by around 8%. Since the event, XRP has slightly recovered, hovering around the $0.50 level on CoinMarketCap.

XRP has regained some of its strength but it is still a long way from its bullish surge of last month and a far cry from its all-time high of around $3.80 in 2017. What would it take for the token to rally higher and experience similar gains to that experienced in November?

Flare Networks leveraging DeFi

Flare Networks, which is a utility fork of Ripple, aims to bring Ethereum-like functionality of smart contracts to the XRP Ledger. Ripple’s Chief Technology Officer David Schwartz also vouched for this, saying that “Flare Networks will finally bring DeFi to the XRP Ledger.”

This is significant and has a huge potential behind it, as 2020 has been the year where decentralized finance (DeFi) protocols have boomed and experienced the most growth. DeFi has also served to enhance Ethereum’s popularity, as most of its protocols and smart contracts run on its network.

If DeFi were incorporated into the XRP Ledger, this may mean significant things for Ripple, and for its clients. This may also revolutionize Ripple’s success and expand its popularity, resulting in more adoption of its native token, XRP.

Currently, DeFi has a total value locked of $14.61 billion, and this is likely going to go up as smart contracts, the backbone of decentralized finance, become more and more mainstream.

Will XRP be part of the Christmas rally?

During the holidays, a 1.4% gain is typically experienced by traditional stock markets, according to Forbes. As the crypto market often correlates with traditional stock markets, this may mean that XRP’s price will rally higher. Recently, Bitcoin has been undergoing volatility on the market and along with its highs and lows, altcoins have followed suit.

It has currently regained strength to reach above $19,000 again. If XRP were to follow in its footsteps as it did during Bitcoin’s recent price rallies, where the altcoin mirrored BTC’s price movements closely, this may mean that XRP bulls will push the cryptocurrency higher.

However, although XRP’s price has recovered slightly from its crash following Spark token’s airdrop, up 1.80% in the last 24 hours, it has still been stagnant compared to its growth in November. It is currently trading above $0.50 and appears to be consolidating.

XRP needs positive market sentiment and institutional backing

For XRP to grow steadily, market sentiment surrounding the bridge asset needs to remain strong. In November, crypto analytics firm Santiment had said that the daily social volume of XRP had nearly surpassed that of Ethereum “for the first time in 7 months.” For XRP to grow, it may therefore need institutional investments backing it in the long run, as that will surely signal to the crypto market that XRP is definitely a cryptocurrency to get onboard with. As seen with Bitcoin, institutional backing this year has definitely been the backbone of its bull run.

Although XRP seems to be taking baby steps in regaining strength, the side effects of the Spark token airdrop have ricocheted off it in some positive ways. For example, it had served to promote XRP at the same time, with 51K new XRP accounts created.

Source: Twitter

Only time will tell if XRP will eventually reach higher, but for now, hold-ers that were hoping the Ripple cryptocurrency would reach $1 with the airdrop seem to still be optimistic that it will only be a matter of time before XRP reaches that target.

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Flare Networks Clarifies on Launched Spark Token Airdrop, Ripple XRP Shows No Signs of Bullish Revival

Flare Networks’ Spark token airdrop program launched officially on December 12, but there may be some misconceptions surrounding the official debut.

Flare Network concept with cryptography and binary codes illustrated

The Spark (FLR) Airdrop Program, which greatly benefits XRP holders as FLR tokens could be received freely on a 1:1 ratio with XRP, officially launched on December 12. Although it is a separate entity of Ripple, Flare Networks, which is a utility fork of Ripple, has the blockchain tech firm’s full support. Speaking about the blockchain fork, David Schwartz, the Chief Technology Officer of Ripple, said:

“It is fantastic to see companies building systems that add utility to XRP and I think the ability to use XRP directly in smart contracts is going to be tremendously useful.”

Flare Networks aims to bring Ethereum-like smart contract functionality to the XRP ledger, and one of its first calls of duty was the launch of its native token Spark.

Flare Networks provides clarified guidelines

However, Flare Networks now rectified certain points concerning the launch. Although it started on December 12, the release only featured the first part of the airdrop – the snapshot, where XRP holdings in participating wallets and coin exchanges were taken into consideration by Flare Networks for distribution of Spark tokens at a later date.

Flare Networks said:

“Reminder: Spark $FLR will be issued by the network when main net goes live. This is anticipated Q1-Q2 2021.”

Also, the blockchain startup warned against scams that were circulating online on DeFi protocols such as Uniswap that offered FLR tokens for sale and said these were fraudulent and false. Flare said that if contacted privately for FLR tokens, that it was most likely a scam. The startup said that there was no “public sale of Spark $FLR,” as tokens have not even been minted yet.

Flare Networks have not started creating the Spark token yet, as the official distribution of the new tokens would be for some time next year, either in the first or the second quarter of 2021. It also clarified that if exchanges offered Spark tokens as a debt, or an “I-owe-you” in the form of futures, that it was up to them but that it had nothing to do with Flare. The company tweeted:

“We are aware that some exchanges intent to issue an IOU (Future) of Spark $FLR, this is their prerogative. Flare as an entity has zero involvement in this. Caveat emptor.”

Flare Networks comes at a time when certain exchanges, such as Bitrue, had already announced that it will be offering trading opportunities for Spark tokens for the month of December. The airdrop launch is supposed to benefit not only Flare Networks, but also Ripple’s XRP.

Flare Token airdrop fails to push XRP higher

The third-largest cryptocurrency by market capitalization XRP has had quite a bullish run in November, where it soared by 130% in a month’s time. However, recently, although market experts have expected XRP’s price to soar along with Flare Networks’ token launch, XRP had failed to deliver. Instead, the support level of XRP has fallen to around $0.50, after achieving a two-year high of 0.90 on Coinbase last month.

XRP appears to be consolidating around the $0.50 level and has not soared bullishly following Flare Networks’ snapshot, much to traders’ disappointment.

The question of whether it will rise at a later time, or trade bearishly remains in question, as XRP had failed to deliver and record any exciting price spikes until last month, where it broke its slump of two years.

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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.

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What Ripple Thinks of Flare Networks, as Whether Tokens Already Minted for Spark Token Airdrop Questioned

Ripple’s CEO Brad Garlinghouse expressed excitement for what the smart contract utility fork Flare Networks had in store.

Concept of monetary profits gained through cryptocurrency airdrop

Flare Networks, a utility fork of Ripple, is working on delivering Ethereum-like functionality to the XRP Ledger, which hosts Ripple’s native token XRP. In order to do so, it will leverage the Ethereum Virtual Machine (EVM). Flare Networks is Ripple-funded and its Spark token airdrop is set to launch tomorrow, on December 12, with around 45 billion tokens available for the cryptocurrency handout. Garlinghouse has made it known that he is supportive of Flare Networks. He stated:

“From my point of view, Flare is combining the best of XRP (very fast settlement), Ethereum (smart contracts) and Avalanche (for consensus) which helps extend XRP’s utility and allows developers to create smart contracts for new use cases like lending and DeFi.”

For Garlinghouse, Flare Networks is an exciting startup, but the operations they are conducting differs from what Ripple is doing. In talking about Flare Networks, Garlinghouse shared with CNN:

“To me, it is a further example of people’s recognition that XRP is such an efficient digital asset. Utility will drive the long-term value of any digital asset. Seeing a company like Flare Networks and seeing them use the XRP network in various ways is an opportunity going forward, but it doesn’t affect RippleNet in how we are using ODL (on-demand liquidity) for our customers.”

For XRP holders, the airdrop is much anticipated, as anyone holding XRP funds on participating coin exchanges and digital wallets will receive free Spark tokens on a 1:1 ratio. Therefore, the more XRP one holds during the snapshot, the more Spark tokens they will receive. Garlinghouse commented on this:

“I think XRP holders are deservedly excited about what Flare is doing. I’m excited about what Flare is doing, any time you’re seeing real utility solving a real problem.”

He expressed support for Flare Networks. The Ripple CEO also said that although the project is Ripple-funded, Ripple is not part of the decisive conversations of the startup as that is up to Flare’s executive team.

However, he seemed utterly confident that Flare Networks will succeed, following its airdrop. Garlinghouse said:

“Flare Network has carved out an interesting niche as they move forward with the Spark token airdrop, and I’m optimistic for them.”

How does the Spark Airdrop Program work?

Flare Networks’ Spark (FLR) token airdrop will debut with a snapshot that will be held tomorrow, on December 12. The snapshot will successfully capture the total XRP holdings of each member participating in the cryptocurrency giveaway and the tokens are supposed to be distributed sometime in the first quarter of 2021.

As of now, 68 exchanges will support the airdrop, notably, Kraken, Binance, Coinbase, eToro, KuCoin, to name a few, and it is likely too late for any others to join the list, as some crypto exchanges have already announced the temporary suspension of XRP withdrawals and deposits in light of the airdrop.

Are the Spark tokens existent yet?

A total of 100 billion Spark tokens will be minted, and 45 billion will be distributed to eligible parties, excluding Ripple Labs. However, since distribution is only expected for some time in March, with self-custodial claims extended until June 11, 2021, whether or not the tokens have already been minted has been brought up.

A pseudonymous digital asset investor tweeted and mentioned Singaporean exchange Bitrue, who allegedly announced Spark token trading available for the month of December, although the airdrop has not started yet:

“When is the first $FLR to be minted? Has it been minted already? I understand that they’re (Bitrue) ‘working with Flare,’ but I still (sic) interested in how this works based on the timing of @FlareNetworks mainnet launch. Not being an adversary here. Just learning.”

Bitrue crypto exchange had announced support for Spark trading by the end of the year, notably in December. It said that it was working with Flare Networks “to determine your initial 15% distribution and let you trade with it ASAP.” The notice by the Singapore-based exchange depicted that trading will start in December.

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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. 

Flare Network, Coinbase, Spark Token, XRP , Ripple, Binance.US

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.

Screenshot (58).png

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. 

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XRP Flare Fork to Airdrop Free Spark Tokens, but Coinbase and Kraken Will Not Benefit

With just under two weeks to go before Flare Network’s airdrop goes live, some cryptocurrency exchanges have not confirmed that they will be taking part in the crypto distribution, and it may be too late to do so at this point.

Flare Networks, which is a smart contract utility fork of XRP, will be dropping more than 45 billion of its native Spark token on December 12. Anyone owning Ripple (XRP) tokens up to this point will be able to exchange XRP with Spark on a 1:1 ratio.

Airdropping tokens are a way for new cryptocurrency projects to introduce their new startup. Many leading cryptocurrency exchanges, such as Binance, have announced that XRP holders leveraging their platforms will be able to benefit from the airdrop of free Spark tokens. The imitative was first announced on November 13 by Flare Networks and dubbed “The Spark Airdrop Program.”

Although XRP owners have been anticipating this moment, not all will benefit from Spark tokens’ airdrop. US-based digital asset exchange Coinbase, as well as Kraken, have omitted to confirm their engagement. This was not overlooked by Flare Networks, as they previously tweeted a reminder to many leading cryptocurrency exchanges.

As about $3 billion of XRP are held on Coinbase, Flare Networks brought this to light. Calling the attention of XRP investors, the Ripple-powered blockchain fork tweeted:

“@coinbase has barely engaged with #Flare. They hold about 3 Bn of YOUR #XRP. It is likely too late for them to do the work to support the Spark $FLR distribution at this point.”

Coinbase is not the only cryptocurrency exchange that will be sitting out on the Spark airdrop. According to numerous sources, Binance.US, the American crypto arm of major exchange Binance, will not be able to assess the airdrop, although Binance users will. Additionally, Kraken has chosen not to partake in the airdrop. Tweeting a response to a customer asking whether they needed to move their XRP to get Spark tokens, Kraken Support clarified:

“We currently do not have plans to support this airdrop/fork, you could consider withdrawing your coins to the wallet you control. Kraken is not obligated to credit airdrops that occurred in the past or that will occur in the future.”

Flare Networks sends XRP price flying

With blockchain networks that possess an underlying cryptocurrency, the native digital asset usually increases in price with the announcement of upcoming project launches and debuts. With Flare, the Ripple-funded blockchain project, it is no different.

With the announcement of Spark tokens’ airdrop and the revelation that it can be exchanged 1:1 with XRP, Ripple’s token also surged.  XRP has had an incredible run lately; market investors are speculating that the token’s bullish momentum is likely to continue, due to positive market sentiment backing it and Ripple’s numerous new projects, that include expanding Ripple’s clientele base for cross-border payments.

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