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.

Image source: Shutterstock


Tagged : / / / /

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.

Image source: Shutterstock


Tagged : / / / /

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.

Image source: Shutterstock


Tagged : / / / / /

Kraken Reminds Ripple XRP Holders of Looming Spark Token Airdrop as New Tax Development Unfolds

With the upcoming Spark token airdrop by Flare Networks, many Ripple (XRP) holders have scrambled to deposit their XRP in participating cryptocurrency exchanges.

Concept of an airdrop, free cryptocurrency giveaway

Kraken crypto exchange has been one of the latest exchanges to confirm participation in the Spark token airdrop by Flare Networks, which will launch on December 12 with a snapshot. The snapshot of XRP holdings on participating crypto exchanges will be noted by Flare Networks and the Spark tokens, or FLR, will be distributed at a later date by the Ripple-backed blockchain startup.

Now, Kraken has issued a statement on its official Twitter account, reminding XRP holders to not wait until the last minute to deposit their XRP funds. It read:

“XRP holders: To get your Airdropped $FLR on Kraken, all you need to do is deposit your XRP no later than Dec 11 by ~23.00 UTC. If you already hold your XRP on Kraken, nothing further needs to be done – just keep it on Kraken until after Dec 12 at 00:00 UTC.”

Speculations by market experts have led to the conclusion that the Spark token airdrop by Flare Networks will send Ripple’s XRP token soaring to new heights.

Although Flare Networks operate independently from Ripple operations, it is a smart fork utility contract that branched out from the fintech firm. With Spark tokens to be distributed on a 1:1 ratio with XRP, many traders could capitalize on the moment to obtain free coins by maximizing their Ripple funds on participating exchanges.

Taxing Spark airdrop

A development of the Spark token airdrop that Ripple investors were not expecting may be that the airdrop comes with a price – literally. According to an announcement from the Internal Revenue Service (IRS), airdropped tokens will be taxed as ordinary income once a taxpayer gains “dominion and control” over the cryptocurrency. This indicates that once a trader has the ability to transfer, exchange, or sell the cryptocurrency, it will have “control” over it from a legal point of view.

The taxed amount will depend on one’s income tax bracket, among other things. Section 61 of the IRS document states:

“Under Section 61, all gains or undeniable accessions to wealth, clearly realized, over which a taxpayer has complete dominion, are included in gross income. In general, income is ordinary unless it is gain from the sale or exchange of a capital asset or a special rule applies.”

The fact that the Spark token airdrop will be taxed is a new development as previously, when Bitcoin Cash (BCH) hard forked from Bitcoin, no specific tax policies were involved. Therefore, whether income earned on BCH was to be reported was unclear.

However, things have significantly changed in the crypto sector since 2017. The announcement by the IRS of the Flare Network airdrop being taxed may come as a surprise for XRP holders. A pseudonymous Tweeter replied to Kraken’s reminder of the airdrop by tweeting his two cents:

“Good luck with tax implications if claiming. Don’t lose it all because of an air drop…

Image source: Shutterstock


Tagged : / / / / / /

PSA: Few Days Remain For XRP Holders To Claim Spark Tokens, Here’s How

XRP has a major bullish breakout recently, resulting in an over 200% rally. And while bullish technicals had been building, it was the Flare airdrop and promise of free Spark tokens that helped propel Ripple to current levels. The Flare airdrop “snapshot” of the XRP ledger takes place at the end of this week, leaving […]


Tagged : / / / / / / / / / /

Can Ripple’s XRP Price Surge to $1.00 With the Upcoming Spark Token Airdrop?

Since the huge increases it recorded last month, Ripple’s XRP has pulled back slightly, currently regaining strength at the $0.60 level.

Ripple's XRP glowing in the sky

November was a huge month for Ripple, with its new projects and Bitcoin’s ascending rally to break $19,000 fueling XRP’s bullish momentum on the market. Along with Bitcoin (BTC)’s increases, altcoins have successfully rallied along, with Ethereum (ETH) and Ripple (XRP) making staggering one-year gains. ETH and XRP have respectively gained 304% and 186% over a period of 12 months, and market experts are now anticipating its surge to the next price level.

For XRP’s price, what could be a game-changer and could fuel the next run would be the upcoming Spark token airdrop, which is to begin on December 12. The token airdrop, hosted by Flare Networks, a Ripple-funded smart contract blockchain, will benefit XRP holders. The latter will receive free Spark tokens on a 1:1 ratio with the amount of XRP they hold on participating coin exchanges and wallet storages.

Market experts have deduced that the token airdrop will trigger Ripple’s next bull run. However, other factors need to be taken into consideration before XRP token tops the $1.00 mark.

Ripple XRP shadows Bitcoin’s movements

XRP’s price movements mirror that of Bitcoin’s closely. With BTC’s bull run in mid-November which resulted in the mainstream digital asset plunging to lows of $16,000 after hitting $18,390.00 on CoinMarketCap, altcoins such as XRP token also recorded losses of their own.  

When Bitcoin retraced to around $16,200 following its price spike, XRP followed with a correction of its own to the $0.45 zone, resulting in a flip of its support level.

Recently, BTC has regained its strength, trading above $19,200.00 at the time of writing. In tandem with its markup, Ethereum and Ripple have also reached higher. XRP has recovered from $0.45 and the $0.60 level seems to be a crucial psychological barrier.

According to market experts, Bitcoin needs to gain more stability and consolidate in order for the crypto market to do the same and uphold steady price movements. As long as Bitcoin stabilizes, altcoins may regain bullish momentum and sustain their price gains, as the cryptocurrency market has been heavily correlated lately. However, if Bitcoin plunges, this may lead to the downfall of XRP and other altcoins as well.

Per analysts, if Bitcoin were to undergo a huge price correction from its highs of over $19,200.00, this may lead to XRP’s support and resistance levels being flipped once again. It may result in the altcoin trading around the $0.32 area, which was a resistance zone for Ripple for over a year.

Ripple needs to record higher lows

For XRP to break $1.00, its support level needs to be higher. In other words, the bridge currency needs to record “higher lows” to reach higher price levels. Before XRP’s recent ascent that saw it gain significantly within a two-month period, the cryptocurrency was stuck in a bearish market for around two years.

Ripple's market structure overview

Source: TradingView

According to market experts, after a bullish run, the uptrend could be maintained if a higher support level is established. For Ripple’s XRP, the two crucial areas of support to monitor would be the $0.32 and the near $0.45 area, according to TradingView experts. If $0.45 is flipped into a support level, this will be a higher low for XRP, which will result in an increase in price for the cryptocurrency.

Spark token airdrop may send XRP flying

Spark token’s upcoming airdrop has undoubtedly influenced market sentiment towards Ripple’s XRP in a positive way.

With its launch, this will likely trigger an upward price movement for XRP, but whether it will hit $1.00 remains in question. For the moment, the $0.60 level appears to be a psychological barrier for the altcoin and a mark that it keeps retesting. Although only time will tell, what seems to be a sure bet is that Ripple’s XRP will likely gain in the long run, especially if it follows Bitcoin’s price movements so closely. 

In any case, this year has been significant for Ripple, as its native token has finally managed to break out of its slump and record significant gains that top even BTC’s gains.

Image source: Shutterstock


Tagged : / / / /

OKEx Announces Support for Spark (FLR) Airdrop as XRP Holders Prepare for Token Distribution

OKEx has joined other digital asset exchanges in announcing support for the upcoming Spark (FLR) token airdrop.

Businessmen anticipating crypto giveaway

Along with other crypto exchanges, OKEx will enable XRP holders leveraging their services to benefit from the Spark Airdrop Program. It is the latest trading platform to have joined, as a growing number of leading exchanges such as Binance, Bithumb, Bitstamp, Poloniex, KuCoin, and more have said that the cryptocurrency distribution would be made available to their XRP holders. Per OKEx’s official Twitter announcement:

“$XRP Deposits and Withdrawals will be suspended from 12:00 pm UTC Dec 11; Snapshot of users’ $XRP tokens at 12:00am UTC Dec 12. After the snapshot, Deposits and Withdrawals will resume.”

How will Spark Airdrop Program work?

December 12 is announced as the official date where Spark will be airdropped, but it will actually be the first step in Flare Networks’ initiative to distribute FLR tokens to XRP holders. On December 12, at 12:00 am UTC, a “snapshot” of XRP holders’ total amount of XRP will be taken by Flare Networks. Traders and investors who hold Ripple’s native digital currency will be able to receive Spark tokens for free on a 1:1 ratio.

The total amount of tokens to be distributed under the Spark Airdrop Program will be approximately 45 billion, made available to all XRP holders except for Ripple Labs. The upcoming release of tokens is said to have triggered an upward price movement for XRP.

Flare Networks, the Ripple-backed smart contract utility fork, will then take into account XRP held on participating wallets and crypto exchanges. An actual distribution day for their native tokens is not known, although it is anticipated for some time between March and May 2021.

It is also recommended that all XRP deposits be locked into the compatible exchanges and wallets before December 11, as most crypto exchanges will temporarily pause withdrawal and deposits of XRP on their platforms.

The easiest way to benefit from the airdrop is to deposit XRP into a crypto exchange that supports the snapshot. Another way to gain free Spark tokens is to hold XRP in compatible digital wallets, although there may be additional steps for users to take before being able to claim their free tokens. Users also have the choice to file a self-custody claim of XRP, although this may not be the easiest way of participating in the token distribution.

Many exchanges have announced their support for the upcoming airdrop. However, Binance.US and Coinbase XRP holders will not be able to benefit from it. A crypto enthusiast retweeted by Flare Networks said:

“At this point in time, pretty much every major exchange minus @coinbase is supporting the @FlareNetworks airdrop.”

Coinbase had previously omitted to confirm their participation in the Spark token distribution and was called out by Flare Networks, as the US-based crypto exchange held about 3 billion XRP on their platform.

Currently, XRP token tracker announced via Twitter that funds for XRP were increasingly being deposited into exchanges supporting the Spark airdrop. Per the Tweet:

“We’ve noticed a lot of $XRP action on the exchanges that will be supporting the airdrop including: @binance, @bitfinex, @Bitstamp and more.” 

Image source: Shutterstock


Tagged : / / / /
Bitcoin (BTC) $ 25,799.91 3.82%
Ethereum (ETH) $ 1,817.97 2.66%
Litecoin (LTC) $ 87.67 5.40%
Bitcoin Cash (BCH) $ 109.64 3.83%