Binance Confirms Support for XRP's Flare Networks Snapshot and Airdrop 16

Binance Confirms Support for XRP’s Flare Networks Snapshot and Airdrop

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Quick take:

  • Binance has announced that it will support XRP’s Flare Networks snapshot and airdrop of Spark tokens
  • Binance is the latest major exchange to support the event
  • The team at Flare Networks is in talks with other major exchanges
  • XRP could continue gaining till the event on December 12th

The crypto exchange of Binance is the latest to confirm its support for the Flare Networks snapshot on the XRP ledger. The team at Binance made the announcement earlier today via the following statement.

Binance will support the Spark (SPARK) Airdrop Program for XRP (XRP) holders. The airdrop snapshot will take place at the first validated XRP ledger index number with a timestamp greater than or equal to 2020/12/12 00:00 AM (UTC).

XRP Deposits and Withdrawals to Be Suspended at 10 pm UTC

The team at Binance went on to explain that deposits and withdrawals of XRP will be suspended beginning 10pm on the day of the snapshot, December 12th. Additionally, the individual allocation of SPARK tokens to XRP holders will be based on the following formula.

User A = Amount of XRP held by User A at the time of snapshot / Total XRP held by Binance at the time of snapshot * Total SPARK received by Binance for the airdrop

Flare Networks in Talks with Coinbase, Bittrex, Kraken, Bitfinex

Binance confirming support for the Flare Networks snapshot could be a sign that other major exchanges will soon make an announcement regarding the same. Earlier this week, the team at Flare Networks notified the XRP community that they were in talks with several major exchanges with regards to supporting the snapshot and subsequent airdrop.

We are still waiting on @coinbase, @binance, @BittrexExchange, @krakenfx @bitfinex to announce their position on the Spark distribution. #XRP holders at these exchanges that want Spark will need to move to another exchange or self custody if these don’t announce soon.

Flare Networks Airdrop Results in a Massive Interest in XRP

Since news broke of the Flare Networks airdrop happening next month, the XRP ledger has experienced a surge in new accounts created in the past week alone. A brief look at XRPScan.com reveals that November 24th had the highest number of accounts created in a single day on the XRP ledger since the 2017/2018 crypto bull run.

On this day, a total of 8,068 accounts were created on the XRP ledger as highlighted in the chart below.

Binance Confirms Support for XRP's Flare Networks Snapshot and Airdrop 17
Source, XRPScan.com

XRP’s Parabolic Run Could Result in Consolidation or a Pullback

The renewed interest in XRP has also reflected on the price of the digital asset in the crypto markets. At the time of writing, XRP is trading $0.68 after posting a 2-year peak value of $0.78 – Binance rate. With the snapshot approximately two weeks away, XRP could continue gaining as additional crypto exchanges announce their support of the event.

However, XRP’s parabolic run since mid-November could result in either consolidation or a correction ahead of the event.