Despite the snapshot on Dec. 12 for the upcoming FLR airdrop event, XRP’s value has not gained much ground, staying put at around $0.50.
While Bitcoin (BTC) has hogged the majority of the mainstream limelight when it comes to the recent bullish action seen in the crypto market, the altcoin XRP has also surged over the past month, breaking out of a multiyear downtrend to regain some previously lost momentum. For example, in March, the price of XRP against the U.S. dollar was hovering around the $0.15 mark, only to scale up to a peak high of around $0.80 by the first week of December.
However, despite all of the aforementioned positive developments, the value of XRP has not been able to break past the psychological barrier of $1. Not only that, even with news of the upcoming Flare Network airdrop, for which a blockchain snapshot took place successfully on Dec. 12, the third-largest cryptocurrency by total market capitalization has not been able to make any major monetary strides and currently sits at around $0.50.
The Flare Network, a startup backed by Ripple, began the process to distribute Spark (FLR) tokens at 12:00 a.m. UTC on Dec. 12 in a one-to-one ratio based on the XRP holdings that were held on participating exchanges. Additionally, even Ethereum wallets like Metamask and Ledger are allowing their users to participate in the event. Though balances will be settled this month, the final token distribution will take place during 2021.
Technically speaking, the Flare Network seeks to devise a two-way bridge connecting XRP to the Ethereum ecosystem by integrating the Ethereum Virtual Machine into its digital framework. As a result, it will become possible to make use of various advanced smart contracts on the XRP Ledger.