Ripple’s XRP, the third largest cryptocurrency by value after bitcoin and ethereum, has soared over the past month.
XRP tokens, most of which are managed by the Ripple company, have more than doubled in value in recent weeks – pushed forward by the bitcoin price rocketing toward its all-time highs and lows hotly anticipated giveaways of a new, known cryptocurrency. as a syllabus.
Now, large US cryptocurrency exchange Coinbase has announced that it will support the cipher, scheduled for Dec. 12 – with XRP holders at the time in line to receive Coinbase later spark tickets.
“The amount of spark you receive depends on how much XRP you had in your account at snapshot time,” wrote Coinbase, one of the world’s largest cryptocurrency exchanges boasting about 35 million users, in a blog post over the weekend.
“We plan to distribute the zircon after the launch of the Flare network,” Coinbase added via Twitter. Flare network was designed to bring ethereum-like functionality to the XRP Ledger with spark tokens in the network’s native cryptocurrency.
The free distribution of some 45 billion spark tickets is supported by Ripple’s investment arm RippleX.
Other major cryptocurrency exchanges, including Binance from the Cayman Islands, Bithumb South Korea and Bitstamp from Luxembourg, have said they will also support the coverage.
The buzz surrounding the giveaway has been growing in recent weeks, with cryptocurrency market watchers pointing it out as one explanation for November’s huge XRP rally.
“The forthcoming spotlight is overstating the XRP bull market and whipping the mindset of one of the largest crypto communities into a frenzy,” said Jehan Chu, a managing partner at Hong Kong-based blockchain investment firm Kenetic Capital , told Coindesk last month.
“With the imminent launch of Flare, a smart contract utility fork of XRP, the pair will seek to challenge ethereum’s dominance in decentralized finance and decentralized applications.”
The price of ethereum has risen by 300% over the past 12 months amid growing interest in decentralized finance (DeFi) – using crypto technology to recreate traditional financial instruments such as loans and insurance with many DeFi projects built on top the ethereum network.