The distribution of Flare Networks (FLR) tokens to XRP holders who participated in last year’s snapshot, is expected by the end of June. The updated timeframe for the event was provided by the team at Flare Networks through the following tweet that also requested a two to four week allowance for the exact distribution date as the team is working hard to make it happen.
However, a delay generally not a bad thing given that the Flare Networks (FLR) snapshot of December 12th last year, gave XRP a crucial nudge in the crypto markets that allowed the remittance coin to peak at $0.78 in late November.
XRP has since eclipsed the November rally to set a three-year peak value of $1.966 despite the FUD resulting from the SEC lawsuit against Ripple and the delistings that soon followed.News of the lawsuit resulted in XRP dipping to as low as $0.1735 with the average investor losing roughly $6,000.
The remittance coin has gone on to thrive despite the negative sentiment and fear brought about by the ongoing lawsuit. At the time of writing, XRP is trading at $1.625 in what looks like consolidation for a second attempt at $1.966. XRP could potentially hit this target for a double top or go on to break the $2 ceiling.
If XRP’s bullish momentum is maintained for the rest of the month, it could reclaim its number 3 spot on Coinmarketcap by edging out Binance Coin (BNB). The latter digital asset seems to be in a correction after the exchange announced its most recent coin burn worth $0.595 Billion.