Ripple Backed-Flare Network’s TVL Surges to $7 Million, Propelling FLR Token to New Heights

The post Ripple Backed-Flare Network’s TVL Surges to $7 Million, Propelling FLR Token to New Heights appeared first on Coinpedia Fintech News

With a 44% surge in just one week, Flare Network’s native token, FLR, is a new crypto choice while the overall crypto market remains down. The crypto, initially distributed to XRP holders through a 1:1 airdrop, has become a focal point for investors, with dreams of revisiting all-time highs. Over 4.28 billion FLR tokens were distributed to XRP holders who held at least one token during a snapshot in December 2020. Where’s it heading now? Let’s dive in. 

Flare (FLR) Soars 44%

The week started on a positive note for FLR with a surge of 10% and a week-long gain taking it to a whopping 44% increase. The sign of additional gains if the current bullish trend continues. Notably, this surge is part of a broader resurgence for FLR price since it hit a local bottom of $0.0087 in October 2023. Gradually recovering lost ground, FLR recently broke above a critical resistance level, surpassing $0.031.

Notably, the surge also boosted its trading volume, recording a 154% jump in the past 24 hours, leading to Flare’s market capitalization crossing the $1 billion milestone for the first time.

Driving Factors 

It all happened due to the rising interest of crypto enthusiasts on Flare’s blockchain ecosystem and it has created a positive environment that has impacted altcoin price. Notably, tech giant Google’s operation of a validator node on Flare has further instilled confidence, especially among institutional players seeking secure and reliable blockchain solutions.

Looking at the on-chain data the total value of locked assets on Flare Network, particularly in connection to its DeFi ecosystem, has surpassed $7 million, reaching its highest level since October. Prominent protocols on the network, Pangolin and Enosy, are leading the charts, hinting at growing capital and developer talent in the coming months.

Current Market Snapshot 

As of writing, FLR’s price soared by 13.12% to $0.02716, followed by a staggering 259.26% increase in trade volume, surging to $37.75 million. However, caution is advised as the Relative Strength Index (RSI) signals overbought conditions. While the Google partnership last month is viewed positively, short-term profit-taking might lead to a pullback unless FLR breaks above the $0.025 resistance, signaling further upside potential.

Does it mean Flare will catch XRP price soon? Tell us.