Coinbase, the largest cryptocurrency exchange in the US, has announced to support the airdrop of the Flare Networks, which may pump XRP’s price high in the future.
In its latest blog post over the topic, Coinbase unveiled that it would assist in the airdrop of Spark tokens. The users of the US-based exchange holding XRP will be only eligible to participate in the program. Even Coinbase’s announcement pumped the price value of XRP up to 10%.
Snapshot on December 12
According to the given information in the exchange’s blog post, the snapshot of users’ balances holding XRP will be taken on December 12.
“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 exchange informed its users that they would receive the amount of airdrop Spark tokens depending on the amount of XRP coins in their wallets. What’s more, the customers will not be able to transact XRP capital out of the cryptocurrency exchange before the time of the snapshot.
Coinbase is not the first crypto exchange to support Flare Networks’ Spark Tokens as many other trading companies have already given positive signals for it. These include Crypto.com, KuCoin, Binance, Poloniex, BTC Markets, and National Digital Asset Exchange (NDAX). Besides these prominent firms, 40 more are willing to support the airdrop program.
Affect over XRP’s Price Value
Even the announcement of Coinbase has poured a great positive effect over on coin’s performance. According to market analysts and observers, it is a big fundamental factor that can result in the addition of massive funding into the third-largest cryptocurrency over the CoinMarketCap.
Over a period of 24-hours, XRP is trading at $0.59 after an increase of 1.21%. Over the weekly trading session, its position seems weak as it is down by 3.41%.
Flare Networks will revolutionize the XRP network by giving its power the same as the Ethereum network that is a hub of decentralized apps. Spark token is the native token of the Flare Networks that will be given to XRP holders in the airdrop program. “Flare’s token, Spark is created through what may be the first ever utility fork whereby the origin network, in this case the XRP Ledger, benefits through increased utility,” the Flare Networks’ team said recently.