 Welcome back ladies and gentlemen to Bitcoin daily in today's video We're talking about the question that we've been getting so much in the last few days Maybe even weeks about XRP's airdrop. So we're gonna be talking about, you know, what exactly is the airdrop and how to get the airdrop and What might happen with XRP's price? before During and after the airdrop. Hopefully you guys can grab your free airdrops and make some money that way Please make sure to hit that follow hit that subscribe hit that notification bell because we do on most occasions post five videos a week, you know anything from market analysis Tutorials trading tutorials market news stuff like this about the airdrop and and trade setups This is type of stuff we do all the time every single week weekend week out So let's jump in guys. Let me go ahead and move my face out the way. I'm all right So let's jump into it guys XRP airdrop So it's gonna be a lot of reading XRP holders will be excited to know that by simply holding tokens from ripples cryptocurrencies arm They will be entitled to a new token on a one-to-one basis This is this new token known as spark comes out as a utility fork of the XRP Blockchain the people behind the this new token are from the new decentralized network that is bringing full smart contract functionality to the XRP ecosystem called the flair network flair is the first Turning complete federated Byzantine agreement network and incorporates the ethereum virtual machine That is a mouthful geez The function of this new network is to allow any existing ethereum application to be deployed on flair including decentralized finance spark is flair's native token and can be used to collateralize the trustless issuance of FXRP a fully trustless representation of XRP on flair because FXRP is minted on flair from XRP on the XRP ledger and can be settled back to the XRP ledger There is something to look forward to for XRP fans and holders spark is being handed out only to the people who have an XRP balance at The start of you know GMT on 12 12 20 So that's what in what they said it today is a tenth so in about two days less than two days The amount of XRP dictates the amount of spark that a person will receive Well, yeah, so basically what what what this is, you know XRP holders are gonna be getting Spark on the one-to-one basis spark is gonna run on the flair network, which is a Part of the D5 space right is going to be handed out on December 12 2020 so what is a the spark token right currently XRP's main utility has been Towards cross border payments and internal banking settlements as this is the aim of ripple the power the parent company However, spark token is quite different from this and actually has nothing to do with ripple The spark token comes from a new company called the flair network, which is a Distributed network running the avalanche consensus protocol adapted to Federated Byzantine agreement and leveraging the theorem virtual machine This allows a new network to deploy existing a theorem applications on flair and allows a network to be integrated in decentralized finance The role of the token is to collateralize the trustless issuance of fxrp on flair These tokens will also be used to generate useful data on flair through an oracle system And they are also used for network governance and spam prevention When there is an issuance of fxrp and the oracle system is used There are opportunities where a level of cash flow can be provided to spark token holders the spark tokens do have their roots in XRP though as Fxrp is minted on flair from XRP on the XRP ledger and because of this it can then be settled back to the XRP ledger Jesus like I hope you guys aren't getting as confused as I am just reading this right now But basically To try to simplify everything. I just read right there. The main thing is that you know spark Comes from XRP, but it's it has nothing to do Really with XRP It's just a way for them to get in the DeFi space basically And it's gonna be doing something completely different than then what the XRP project is doing So, you know, you guys could read a lot more about that, but it's just way too technical for me guys. I'm just a trader and And then if you want to go and do a deeper In-depth, you know dive of research then you guys are free to do so I did my job by putting it in front of you guys and then telling you guys from the my trading aspect, right? So how many spark tokens will be given the issuance of spark tokens will be given to those who currently hold XRP in the form of an airdrop this means that this means of distribution Indicates that the creation of spark tokens airdrops will of course closely mirror what is currently available in XRP The current circulation supply of XRP is around 45 billion However, there is a set of amount of spark tokens that will be created and that figure is 100 billion this means that with XRP having 45 billion 45 billion out of a total of 100 billion sparks Will be airdropped to XRP holders just under half of the tokens the balance 55 billion sparks will go to the flare networks Limited and flare Foundation the final figure to be determined by the airdrop will become clearer when a snapshot is taken on December 12 When it will be determined how many sparks one will get based on how many XRP they hold so Yeah, it's a one-to-one ratio On the airdrop as you guys can see now that is a lot of tokens guys XRP already has a lot of tokens, so if Spark is gonna have double the amount of tokens. That's pretty insane. So that just leads me to believe That the this, you know the price of and the value of spark is gonna be very very cheap If it's already talking about doubling XRP's amount of tokens Then you can already just start just guesstimating that, you know cut the value in half of whatever XRP is, you know minimum To start off, you know around what the value might be so if XRP is currently at 60 cents We're talking about You know spark is gonna be under half of that So if XRP is at 60 cents Spark, you know just to kind of have an idea of what each coin might be worth Definitely gonna be under 30 cents so Just based on the amount of tokens that it's you know, it's saying that they're gonna be putting out All right, so how much is the XRP fork worth? Because many people will be receiving this free token airdrop by the simple virtue of holding XRP there will be a lot of questions about its value at launch and Even how its value will change after the airdrop in terms of a starting price when it goes live And it is available to the general market. The prediction is quite speculated Speculative currently as there's no set price the official website claims that there is no fixed value for spark token But there is evidence of a number of exchanges supporting this project, which will mean a market a market should bloom for it, right as has happened with forks in the past The price of the newly forked coin is bound to be a lot lower than the token. It was forked off Currently XRP is experiencing a big price surge Thanks in part to the spark announcement and it's trading around 62 cents more or less Looking at the role of the token and its place in the ecosystem There is certainly room for a utility token that bridges to Ethereum and offers another path to DeFi the DeFi space has exploded in 2020 and looks to be finding its foundation going forward Spark token and the flare network could well be a solid choice for DeFi going forward Which would drive price the price up. So so this is basically exactly what we just spoke about You know, there's nobody really nobody knows not even the team itself knows what the value of Spark is gonna be But it's obviously going to be, you know Less than whatever it's being the coin. It's being forked off from so of XRP is currently at 60 cents, right? and Spark is gonna have double the amount of coins we can already say that's gonna be Definitely under 30 cents each and maybe even under half of that, you know, so don't you know, don't come here Loading up on XRP thinking that they're gonna be, you know, they're gonna get a shit ton of money when It's probably not gonna be a lot, you know, it's gonna be maybe a quarter of what XRP is And then maybe in the future it could grow the valley could go up depending how it fits into the DeFi space But but you know, we don't there's no way to tell there's no way to know it's just It's just another lottery ticket. You know what I mean? How much will I receive while the price of the spark token at its airdrop time is unknown But expected to be less than the price of XRP the amount that would be airdropped is known It has been made rather easy by the fork causing a 1-1 drop of spark to XRP This means that for every XRP in circulation, there will be one spark token distributed and on a more micro level It means that depending on how many XRP tokens an individual is holding on December 12th Means that they will receive the same amount in spark This is a free token airdrop that is determined on how much XRP one holds and as such It makes sense for believers in XRP to buy up and hold as much XRP as they can for this event In fact, this has been clearly seen as one of the main reason XRP's price has been spiking in the past few weeks XRP fans have been clearly buying up as many coins as they can in order to benefit from the fork Which will result in the equal amount of spark tokens as well So we already spoke about all this how to claim the free spark token So this is probably what everybody wants to know right? There's probably why every single person clicked on this video today because you guys want to know How do you claim the free spark tokens? So the idea of an airdrop and especially one based off of a fork Will have a few people confused as how they receive these spark tokens And would like to understand more about the distribution of the tokens to all XRP holders Essentially anyone who holds XRP and self-custody services can participate in this airdrop And will be eligible to receive the spark tokens However, actually claiming spark will require some work and will differ depending on the type of wallet or exchange That you're using. The main way to claim spark is through the XRP toolkit You can claim spark by adding a message key representing a flare address to your XRP ledger account By doing this you are now affecting security message keys are only informational Your message key will be public on the XRP ledger and used by the flare network to determine where to distribute your spark tokens The flare network uses the same address format as a theorem network You you use an address from an Ethereum wallet to produce a message key and claim spark tokens The same address will later be used on the flare network to access your spark tokens. That was a lot of information guys I know but the main gist of it, which is basically what I do after reading all this mess You got you guys have to set this up in the XRP toolkit And and we're gonna go over the steps on how to do that and then I'm gonna tell you Another way that you can do it That's probably a lot easier So this can be done in the following three steps step one get the wallet It's important to first get an Ethereum wallet such as MetaMask as well as ledger devices By doing this you will be able to use those wallets with coming flare network interfaces Similar to Uniswap and ledger live to view send and receive spark tokens You can use other Ethereum wallets that are not MetaMask or a ledger device But you just need to make sure that you have a backup of the secret key or recovery words Also, if your wallet that you use is actually not incompatible with the flare network There's an option where you can use your secret key or recovery words to migrate your claims spark tokens to a new wallet step two Copy address having now set up your Ethereum wallet to which you hold the secret key or recovery words You will need to copy the address. It is probably best to use a new address one without any other assets Here's an example of how to do this with MetaMask first open the extension and click on your address, right? So here's a picture copy. Do you see that? Regardless of the theorem wallet you use just make sure that you copy the theorem address that you'd like to later use On the flare network your tokens will be distributed to this address on the flare network after launch Step three third step guys Set the message key. The final step will have you setting the message key Once you have copied your flare address go to the XRP toolkit and connect your XRP wallet This will need you to go to the properties in the account menu and paste your copied address in the message key field XRP toolkit will offer to convert your flare address to the required format for storing it as As a message key on the XRP ledger click on the suggested format then click the update button to proceed Having clicked update you will be required to review the transaction Take some time to review all the transaction details in your connected wallet and only confirm if the message key Corresponds to your intended address once you have signed and submitted this you are ready to receive your spark Distribution so Coinbase supports airdrop. I understand a lot of countries don't have access to Coinbase, and I'm sorry I'm sure there's there's other ways But if you don't have access to Coinbase, you know, you can use the previous Way to receive these tokens if you do have access to Coinbase, then you could just put your By you know put your XRP in Coinbase and eventually you will you know receive Your tokens Coinbase supports airdrop So this is what Coinbase wrote on their blog or I don't know if it was a tweet or something but this is what they wrote if you aren't an Allegible customer holding an XRP balance on Coinbase or Coinbase pro on the snapshot date and time of December 12 2020 at Midnight a.m. Right UTC you'll receive spark tokens from Coinbase at a later date after the flare Network launch the amount of spark you'll receive depends on how much XRP You had in your account at the time of the snapshot send and receives will be disabled before the snapshot time and resumed Shortly after the snapshot is complete Additional information about the airdrop will be available in the coming days I checked and there's no additional information Currently as of the making of this video But as you guys can see with Coinbase it's as easy as just having XRP in your account and Then they will put it on the only thing is it's gonna be at a later date that who knows when so if you know the spark launches in exchange and starts trading and let's say it opens up at like 20 cents It you you'll probably you still won't have access to yours So it could drop to like 10 cents 5 cents 1 cent who knows and you won't have any access To sell your spark. So that's the only down part about doing it through Coinbase But it is the easiest way to do it now spark airdrop and XRP price It has already been seen that the news of sparks integration along the XRP rails has had a Role to play in the price of XRP the price of XRP climbed by a hundred and twenty three percent in just 30 days Around the announcement of this airdrop, but there's also other factors at play So you see the high here was about 75 cents. I believe Something around there 78 maybe the price of XRP is also often determined by the health of the cryptocurrency market And that is determined about by how Bitcoin is doing as it stands Bitcoin's trying to topple over 20k And is driving the entire market up, but the XRP market will use this and probably grow even more before December 12 as Is often the case Speculation and price movements are known to move on rumors rather than full events So in the lead up to December 12 There's likely to be much more XRP price action as more and more people try to buy up XRP in order to receive more spark XRP has its own price barriers and resistances and the major one is the one dollar mark If XRP is able to come close to that in the coming days before spark There's likely to be enough by an interest that the one dollar mark could be breached and even that XRP could stay above that as spark also adds more as Add some more legitimacy and utility to XRP the airdrop of spark token to XRP Holders might then encourage them to use the protocol how this works is holders can deposit Their spark tokens onto the flare network, which then trustless Lee mints F XRP on the flare network, which is more or less similar to the actual XRP token and has the same value except that it is interoperable with the ETH and other blockchains that utilize the Ethereum virtual machine So the XRP trading strategy now we're getting into the fun stuff, right? With this event lined up and expected to move the price of XRP around a lot in the coming days leading to it and even Afterwards, it's important to have a strategy as to handle the XRP price and also to decide what to do with the spark As mentioned above the growth of the XRP market will probably continue until the 12th of December as more and more people will buy XRP this is also going to be dependent on the Bitcoin price and crypto currency markets So you always got to remember that crypto that Bitcoin is king Bitcoin will You know move the market Bitcoin will move mountains. So if Bitcoin decides to suddenly drop Regardless of how many air drops there is on XRP XRP is also going to drop so Assuming that the height of the X of the price of XRP will probably be just before the air drop Investors can start to make strategies around that once the event has happened history dictates that the price will likely see a fall as an incentive to own XRP on the in the short term will be over and Many people will sell at the new heightened price causing a quick collapse. All right guys, so This is just based off of history alone, right a Lot of the times what people like to do is buy the rumor sell the news, right? So this is also the same thing in the stock market as Here with in the crypto space and it's happened many times over Where once something like this gets announced people start buying it and buying it and buying it and buying it and Drive the price up what happens as You know, you get closer and closer and closer to the air drop Some of the people that have a that had a lot of money in it before You know like as soon as the news was launched that they bought the rumors They're gonna start selling as cuz they they know that now, you know, all the retail investors Which means people like you and me that you know are just trading for ourselves and stuff like that That don't have like millions and millions invested into this or billions invested into it all these people these whales are gonna start selling and That's gonna that could cause the price to drop 10 15 20 percent So this is something that's happened in the past with a lot of coins During air drops during these events the coin will go up in price up in price And then like either like right before it happens or on the day it happens or during the snapshot Whatever the case they sell because they don't really care for the air drops They just wanted to get that, you know that that ride up and they want to sell that news That's what that that's what you call selling the news You don't really care for the news You just want to you just want to ride that wave up with the hype in the in the news That catalyst and then sell right before at that top that top price, right? so This is just letting you guys know. This is what's happened a Lot of the times right So this isn't much this is very much about timing Accumulating XRP before the event goes live and while the price is still rising It's a good it's a good way to get cheaper coins and benefit from the spark airdrop But then one needs to be mindful to sell just after the airdrop when the price will likely plummet so If you do hold on You know for during the snapshot to make sure you get the airdrop You just have to be careful because right before or right during the airdrop people could that don't care for the airdrop Could just start selling Then again, we'll spark tokens have value the spark tokens value is uncertain at the moment But it will have value when it's released that value is Expected to probably climb in the long run because the spark token is addressing DeFi and a key and key utility cases in this arena There is a use for it more so because it is based around an established blockchain and forks from XRP It holds a lot more legitimacy The bottom line the spark token airdrop is a major event in that it is a new utility token That will offer the opportunity to grow out of the DeFi space It is also a major event for XRP as the fork will come off of the ripple Blockchain and have a role to play them in terms of traders This has already had an impact for them as the price of XRP has more than doubled since the news broke of the spark token So well that went dark So that's pretty much it guys I Think I pretty much covered everything here's also the the news in the coinbase blog that I told you about You know The way I'm playing it I'm still deciding to be honest. I want to see what happens with XRP in the next day And then I'll probably make a decision whether or not I'm a hold or sell I'm probably just gonna hold it and just write out, you know, the the dip, you know And if it does dip then buy some more because I do believe long-term XRP will continue up And if this project is as legitimate as they're saying then it could even add more value to XRP And more legitimacy. So I'll probably I'm most likely just be holding XRP and then You know trading the volatility So if there is a lot of volatility during this time I'll just be trading it to get more XRP, right? So that's pretty much it guys appreciate you guys watching this video. Sorry that this video ran so long But I had to make up for missing all these other days, right? So if you guys have any questions drop them in the comments if you guys like this video Just hit that like bow if you guys You know liked how I sounded and how I looked in my hat then just hit that subscribe and if you guys You know, you want to be notified as soon as I post every single video then just hit that notification bell and That's pretty much it guys I'll see you guys tomorrow for this the week's recap and market analysis and some trade setups for the week To make you guys my beautiful followers some profits peace and love I'm out