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.
Flare Networks Snapshot Provided XRP with Bullish Momentum
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.
- Flare Networks (FLR) distribution to XRP holders is expected by end of June
- The launch date could be skewed by +/- 2 to 4 weeks
- The Flare Networks snapshot back in December was one reason XRP flourished before the SEC lawsuit
- XRP has since regained its momentum, brushing off the FUD surrounding the case
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.
The $FLR distribution will start when the Flare Network goes live. The team is working to make this happen SAFELY as soon as possible. It is dependent on finishing security testing. We expect this at the end of June +/- 2-4 weeks.
— Flare (@FlareNetworks) April 16, 2021
Initial Flare Network’s Distribution was Set for March or May, 2021
XRP holders and users who qualify for the FLR distribution will therefore have to wait an additional month or so given that the initial roadmap was for a March or May airdrop by Flare Networks.