The news of Coinbase supporting the Flare Networks snapshot had a positive effect on XRP. The remittance coin managed to pump briefly to the $0.63 price level before falling back below $0.60.
At the time of writing, XRP is trading at $0.58. The remittance coin could be in the midst of a pullback that could see the digital asset drop to the $0.50 support zone or even $0.30.
The weekly close is a few hours away and XRP holding its own above $0.50 will be crucial in determining whether its bullish momentum is maintained into next week.
Quick take:
- Coinbase has finally confirmed its participation in the Flare Networks snapshot on the 12th
- However, the distribution of Spark Tokens (FLR) is dependent on laws governing each jurisdiction
- XRP briefly pumped to $0.63 due to the Coinbase announcement before falling back below $0.60
XRP investors who hold their coins on the U.S crypto exchange of Coinbase can now breathe a sigh of relief. Earlier today, the team at Coinbase announced that the exchange will support the Flare Networks snapshot on the 12th of December.
Funds on Coinbase Pro will also be eligible for the snapshot. Deposits and withdrawals on both Coinbase platforms will be disabled before the snapshot and enabled immediately after. The team at Coinbase also announced that they will provide additional information regarding the event in the coming days.
Spark Token Distribution Depends on the Laws of Each Jurisdiction
With respect to the eventual distribution of Spark Tokens (FLR) next year, the team at Coinbase explained that it will depend on the individual laws governing each jurisdiction. Therefore, the exchange does not guarantee that each participant of the snapshot will receive their Spark Tokens (FLR).
Our decision to support any asset requires significant technical and compliance review and may be subject to regulatory approval in some jurisdictions. We therefore cannot guarantee when or if Spark will be available for distribution in any specific jurisdiction at this time. We will add support jurisdiction-by-jurisdiction, subject to applicable review and authorizations.
Connecting the dots, the delay by Coinbase to announce its stance on the Flare Networks snapshot was most likely caused by the aforementioned jurisdictional issues regarding airdrops.
