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4 Billion XRP Held on Coinbase at Time of Flare (FLR) Snapshot: Details

Sat, 04/15/2023 - 14:24
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Tomiwabold Olajide
Over 4 billion XRP held on Coinbase before delisting, data from Flare airdrop suggests
4 Billion XRP Held on Coinbase at Time of Flare (FLR) Snapshot: Details
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Top crypto exchange Coinbase has announced it has completed the Flare (FLR) token airdrop distribution. Earlier in the week, Coinbase announced it was adding support for the Flare token as part of its commitment to supporting the FLR airdrop for eligible XRP users.

In a tweet, Coinbase disclosed that over 601 million Flare (FLR) tokens have been distributed to eligible users. This amount is based on the XRP balance in Coinbase users' accounts, including those of Coinbase Exchange and Coinbase Pro accounts, on Dec. 12, 2020.

The exchange gives the distribution ratio to be 1.0073 FLR per 1 XRP x 0.15 (15% of the total supply released to the community).

This means the current Flare airdrop amount was derived by equating 1.0073 FLR to 1 XRP held and multiplying this by 15%.

Neil Hartner, a senior staff software engineer at Ripple, deduced from this simple calculation that over 4 billion XRP was held on the aforementioned Coinbase platforms at the time of the Dec. 12 snapshot if the total Flare tokens distributed currently were 601 million.

Hartner adds that at the time, the 4 billion XRP amounted to 8.8% of total circulating XRP, hence the impact of Coinbase delisting XRP a month later was significant.

Shortly after the SEC lawsuit was filed against Ripple in late December 2020, Coinbase suspended XRP trading on its platform in January 2021.

Currently, XRP trading remains suspended on Coinbase. Paul Grewal, Coinbase's chief legal officer, said earlier this year that XRP would need to gain regulatory clarity after the Ripple SEC lawsuit ruling before it would be relisted on the platform.

BitBoy handpicks XRP as winner in next bull run

YouTuber Ben Armstrong, alias BitBoy, has picked XRP as his winning choice in the upcoming market bull run. Earlier this week, BitBoy predicted that the Ripple lawsuit resolution was close at hand and that holders of XRP would undoubtedly benefit.

Market analysts claim that the macro picture appears to be shifting, which strengthens the case for a market recovery. A year ago, the Federal Reserve and other central banks had just started the first of several interest rate increases that would end the years-long policy of easy money.

The time may be right for another crypto boost now that the tightening cycle's end is getting closer.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.