The free distribution of 45 billion spark tokens is supported by Ripple’s investment arm RippleX.

Jehan Chu, managing partner at Hong Kong-based blockchain investment firm Kenetic Capital, said: “The impending airdrop is supercharging the XRP bull market and whipping mindshare of one of the largest crypto communities into a frenzy.

“With the imminent launch of Flare, a smart contract utility fork of XRP, the pair will attempt to challenge Ethereum’s dominance in decentralised finance and decentralised applications.”

XRP’s latest rally follows an announcement by company Ripple, which owns approximately 60 percent of XRP digital tokens, of its intention to exploit central banks’ eagerness to digitalise their currencies.