XRP price increased 12%; is it coming from the airdrop Flare Networks?

XRP price increased 12%; is it coming from the airdrop Flare Networks?

At press time, XRP price is trading around $ 0.336, up nearly 12% over the past 24 hours, recording a 24% return over the past seven days. It seems that this momentum is due to the Flare Networks airdrop at a ratio of 1: 1 Spark token per XRP investor.

XRP price increased 12%; is it coming from the airdrop Flare Networks?

XRP investors are waiting a few more weeks to prepare for the chance to gain governance tokens of the smart contract platform Spark.

Crypto investors who register their XRP in an eligible account will receive a free Spark token at a 1: 1 ratio when Ripple backs the snapshot organization on December 12th owns their XRP holdings while receiving new tokens.

Flare is expanding the use of cases of XRP by allowing users to run smart contracts on XRP. Not just governance tokens, users can also use Spark as collateral to buy back assets in Flare’s ecosystem.

More than 20 exchanges have said they will support the airdrop and distribute the percentage of Spark tokens to customers based on their XRP holdings. Such as BitBay, Bithumb, eToro…


Source: Flare Networks

Those who self-deposit or store their XRP in a non-participating exchange can also earn Spark. In a Coil post, XRPL Labs founder Wietse Wind said that if the XRP ledger account holder had his own account and key for Flare, they could participate in the airdrop.

Wind has developed a tool that makes the process easier, detailing how the account holder can prove ownership to qualify:

“XRP ledger account holders will prove account ownership by signing a reference, pointing at their account on the Flare network. This reference will be stored in a ‘MessageKey’ field on the account level on the XRP ledger. This means your ‘r…’ account address on the XRP ledger will point at your own ‘0x…’ account on the Flare network… ”

He stated:

“Flare will read all XRP ledger accounts pointing at Flare network accounts, check their balance and distribute an equal amount of Spark tokens to the Flare network account pointed at in the XRP ledger account.”

An early November update from Flare said there were more than 295 million XRP in XRPL accounts set up to receive Spark tokens.

You can see the XRP price here.

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