FLR Crypto Surges on Uphold Partnership for XRP Staking via Flare Network
The FLR crypto has experienced a remarkable uptrend for the third consecutive day following news of a strategic partnership with Uphold to introduce XRP staking via the Flare Network. As per data from crypto.news, Flare (FLR) witnessed a 12% surge to reach an intraday high of $0.0198 on June 2, pushing its year-to-date gains to over 72% at the time of reporting. The market cap of FLR stood at $1.25 billion, with a significant 160% surge in daily trading volume compared to the previous day.
The recent surge in FLR’s price has also attracted derivatives traders, with open interest in FLR futures climbing to $4.8 million, the highest since May 23. The buy-to-short ratio indicated a mildly bullish market sentiment, with slightly more long positions than short positions.
This bullish momentum in FLR came on the heels of a partnership announcement between Flare and Uphold. Through this collaboration, Uphold users will now have the opportunity to earn yield on their XRP holdings by leveraging Flare’s smart contract infrastructure. The FAssets protocol of Flare allows non-smart-contract assets like XRP, Bitcoin, or Dogecoin to be represented on the Flare network as smart contract-compatible tokens, enabling them to participate in DeFi applications such as staking and lending.
As the mainnet launch of FAssets approaches, the partnership with Uphold is seen as a significant step towards the development of XRPFi, a DeFi ecosystem centered around XRP. This initiative not only presents new yield opportunities for XRP holders, particularly Uphold users, but also contributes to enhancing Flare’s network activity, liquidity, and adoption.
In terms of technical analysis, FLR has broken out from a bull flag pattern on the FLR/USDT daily chart, signaling a bullish continuation pattern. The token is currently trading above its 50-day moving average, with a potential golden cross formation on the horizon if it crosses above the 200-day SMA, a positive indicator for traders.
The MACD indicator is leaning towards a bullish stance, with the MACD line close to crossing above the signal line, while the Supertrend indicator has turned green, indicating an uptrend for FLR. The next target for FLR is around $0.024, representing a potential 26% gain from current levels and aligning with the 50% Fibonacci retracement zone.
In conclusion, the FLR crypto’s upward momentum, fueled by the partnership with Uphold, presents a promising outlook for the token’s price trajectory. Retail interest in FLR is on the rise, with potential for further price appreciation if bullish momentum continues. However, a drop below $0.016 could invalidate the current setup, leading to a retest of the $0.011 support level. It’s important to note that this article is for educational purposes only and does not constitute investment advice.