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  • The XRP Ledger is set to benefit from the Spark token airdrop by tapping into Ethereum-like functionality.
  • Coinbase and the most prominent cryptocurrency exchanges are going to support the airdrop on December 12.
  • XRP holders before the airdrop’s timestamp are eligible to receive the Spark tokens.

Ripple holders are filled with excitement as the biggest airdrop knocks at their doors. The Flare Network will bring forth the new Spark tokens to the XRP ecosystem. 

This network was launched to introduce Ethereum-like features and functionality to the XRP Ledger. According to a statement from the Flare Network in August, the spark token is the “first-ever fork whereby the origin network, in this case, the XRP Ledger, benefits through increased utility.”

The nitty-gritty of how to claim the Flare tokens

It is essential to realize that holders of XRP tokens before the airdrop, scheduled for December 12, are eligible to receive Spark tokens. Similarly, holders must be aware that not all cryptocurrency exchange platforms will be supporting the airdrop.

However, the majority of the big exchanges have already stated that the airdrop process will be supported. Therefore, the following easy steps can be followed when claiming the new Spark tokens:

  • Holders must check whether their exchange will support the airdrop process. This recent article provided a detailed list of platforms supporting the Spark token airdrop. Moreover, Coinbase recently announced it is ready for the process.
  • The holder must have XRP tokens before the airdrop set to take place on December 12 (00:00 GMT). Note that XRP tokens in self custody have to be transferred to a supporting cryptocurrency exchange.
  • Holders must also have a MyEtherWallet or a non-custodial Ethereum address. The process of registering for this address can be found here.
  • The next step is to set a message key.
  • The holder must then connect the XRP wallet and input the message key (paste in the window).
  • Relax as the XRP toolkit will take it from here by changing your Flare address to a supported format.
  • The system will then sign and submit the transaction, waiting for the above timestamp for the airdrop.

Ripple price analysis ahead of the airdrop

XRP is trading at $0.55 just hours from the airdrop. The cross-border token recently embraced support at $0.55, sabotaging the bearish call for losses pointing to $0.32, as discussed earlier this week.

Most analysts believe that the demand for XRP has surged ahead of the Spark token airdrop, thus the ability to hold at higher support.

XRP/USD 4-hour chart

XRP/USD 4-hour chart

The short-term XRP outlook seems bearish, especially with selling pressuring mounting under the 50 Simple Moving Average. For now, the least resistance path is downwards, as reinforced by the sloping Relative Strength Index.

Holding above $0.55 would be a bullish signal, but if push were to come to shove, the buyer congestion at $0.5 would come in handy. On the upside, closing the day beyond the 50 SMA and $0.6 might call for more buy orders and perhaps restart the uptrend to highs above $0.7