TL:DR Breakdown:
- Spark token airdrop is causing more XRP actions on several crypto exchanges.
- About 43 crypto exchanges have announced support for the airdrop, excluding US exchange, Coinbase.
Many digital currency exchanges, including Binance and Kraken, have disclosed plans to support the upcoming Spark token airdrop for Ripple (XRP) holders, planned by Flare Network, a blockchain platform backed by Ripple. In a recent tweet, Flare disclosed that many exchanges are already seeing increased activities with the XRP coins. Notably, the airdrop looks like the next big thing for the XRP community.
It remains unknown if the Spark token airdrop is contributing to the growing price of XRP, which has since surged to the $0.6 level. At the time of writing, the third-largest crypto by market capitalization is trading at $0.618 on Coinmarketcap.
Why Flare Network planned Spark token airdrop for XRP community
Ripple, the blockchain company behind the XRP crypto, reportedly partnered with Flare network in an effort to connect XRP cryptocurrency to the Ethereum network. Due to the partnership, Flare will merge the Ripple coin with Ethereum Virtual Machine, allowing the execution of the Ethereum smart contracts through FXRP using the XRP cryptocurrency. As part of the union, Flare planned to airdrop its native token – Spark – to XRP holders.
The Spark token airdrop is scheduled to hold on December 12. The Spark token will be distributed to all XRP holders in the ratio of 1:1. This simply entails that the XRP holder will receive Spark from the supporting exchanges in accordance with the number of Ripple coins they hold. Already, about 43 digital currency exchanges said they would support the Spark airdrop.
They included popular platforms like Binance, CoinSpot, Bitrue, WazirX, Kraken Exchange, Cred, AltCoinTrader, Gatehub, AnchorUSD, and others Uphold.
No support from Coinbase yet
While exchanges are rushing to support the Spark token airdrop, Coinbase seems to have no interest. Many people showed concern about this, given that the exchange is one of the leading crypto trading platforms in the United States, with more XRP users. Flare Network had said chances for the exchange to support the development is very unlikely. This will only cause users to transfer their XRP coins to other participating exchanges.
