As is known, XRP has experienced a huge rise recently. The rally, with an increase of almost 200%, gave XRP holders hope, as it was built, it was allegedly the Flare airdrop and the promise of free Spark tokens that helped push XRP to current levels.
The Flare airdrop snap shot for XRP holders will take place at the end of this week and there are only a few days left to prepare your wallet and claim the Spark tokens. So are you ready for airdrop?
Why Did Flare Airdrop Trigger XRP Explosion?
XRP investors experienced a more painful bear market than most of the other crypto investors and suffered greatly after three years of worst performance in the market. With every drop in XRP price cash, the investor army started to collapse psychologically. However, those who managed to hold onto were well rewarded with a surprise 200% rally in the 4th quarter of 2020.
In addition to the bullish momentum and the resulting ROI, Ripple holders can claim an equal amount of Spark tokens as part of the Flare Network's upcoming airdrop. The appeal of free tokens that can only be accessed by holding XRP was part of what caused the altcoin to rise recently, according to analysts. That's why investors just don't want to miss the three-day channel airdrop.
How to Buy Spark Token?
The Flare Network leverages the XRP ledger but brings Ethereum smart contracts to run DeFi applications in the protocol created by Ripple. The easiest possible way to claim Spark tokens is to store XRP on any cryptocurrency exchange that supports the Flare Network airdrop . These include Binance, Bithumb, Bitfinex, eToro, Crypto.com, FTX, Huobi, Kraken, OKEX, KuCoin, Paribu, BtcTurk, and even Coinbase, which users believe will not support.
The full list of supported exchanges is available on the Flare website . Is there a need to do anything? Not if XRPs are on the stock market. Each exchange will handle the entire transaction for you, and at some point offer their Spark tokens to investors who are holding XRP at the time.
Tokens May Not Be Issued Immediately
However, it's worth noting that anyone interested in airdrops through any of the supported exchanges should pay close attention to the relevant details that come up. Coinbase, for example, does not plan to issue any Spark tokens to users until an unspecified "future date" and reminds everyone that the tokens are subject to legal review first. Essentially, there is a possibility that you may not be able to receive Spark tokens from the exchange even though they participated in the airdrop. In the end, this is an issue that ultimately goes down to the regulators of each region.
To gain ownership of any Spark token, you can hold XRP in a wallet at your own risk. Users should also make sure they have access to an off-exchange Ethereum address. The remaining steps were kindly outlined by "Wietse", an XRP supporter and developer. Requirements include visiting XRPtoolkit.com with a connected Ledger Nano to interact with the ledger and claim tokens.
Spark tokens can be claimed after the snap shot on December 12, 2020.
