announce The Binance team yesterday released a statement confirming the footage was taken by Flare Networks, which is behind the cryptocurrency Spark.

Meaning that the Binance platform confirms its support for the free airdrop distribution of the digital currency “Spark” to XRP holders.

Screen capture of Ripple holders on Binance will start from 12/12/2020 at 00:00 UTC.

XRP deposits and withdrawals suspended on December 12 at 10 PM UTC:

The Binance team provided further clarification, and informed that XRP deposits and withdrawals will be suspended starting at 10pm on the day the snapshot was taken December 12, 2020.

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The individual allocation of SPARK tokens to XRP holders will be based on the following example and formula:

User “Omar” has a Binance account and owns some Ripple coins on Binance, the amount of SPARK coin that Omar will get will be as follows:

The amount of XRP held by Omar at the time of the screenshot on the total XRP held by Binance at the time of the snapshot X the total SPARK coins received by Binance for free distribution.

“Flare Networks” in conversations with Coinbase, Beatrix, Kraken and Bitfinex:

Binance’s confirmation of support for taking a shot at Flare Networks may be a sign that other major exchanges will be making an announcement about it soon.

Earlier this week, the Flare Networks team reported to the Ripple community that they were in talks with several major exchanges regarding support for the upcoming snapshot and airdrop.

The statement from the “Flare Networks” team was as follows:

We are still waiting for Coinbase, Beatrix, Kraken and Bitfinex, to announce their position on distributing Spark tokens.

Ripple holders on these exchanges who want Spark coins and if their exchanges don’t agree to the distribution will need to move to another exchange to get it.

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Free distribution of Spark coins has attracted a lot of interest in XRP:

Since it was reported that a free distribution would be announced for Flare Networks next month, XRP has seen a surge of new accounts created in the last week alone.

A quick look at XRPScan.com shows that November 24 was the date of the largest number of accounts created in a single day on the Ripple blockchain since 2017/2018.

The demand for Ripple currencies was reflected in the rise in the price of the currency, at the time of writing this article, the price of the digital currency XRP is trading at $ 0.53 after it reached a peak of $ 0.78, which it did not reach two years ago.

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With the snapshot still almost two weeks away, XRP could continue to gain bullish momentum with other trading platforms announcing their support for the event.

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