FLR Token Sees Bullish Momentum After FXRP launch
Flare (FLR) has surged to an 8-month high of $0.028 on september 24. The token’s price is up 30% from its monthly low and 136% from its lowest point this year. This rally coincides with the launch of FXRP, the first live product of Flare’s fassets protocol.
FXRP allows XRP holders to mint a wrapped version of XRP on the Flare network.This progress has attracted attention from the XRP community, known for its active support of projects expanding XRP’s utility. The launch has also improved social sentiment around FLR, according to Santiment data.
Trading volume for FLR has spiked over 350% in the past 24 hours, with derivatives volume rising 335% to $15.8 million.Open interest in FLR’s futures market has increased by 23.8%, indicating strong bullish sentiment.
Technical analysis shows a bullish crossover of the 20-day and 50-day SMAs on the daily chart. This crossover, along with upward-pointing MACD lines, suggests the asset is moving into an uptrend. The Relative Strength Index (RSI) is not yet in overbought territory, indicating potential for further gains.
FLR could rally to $0.032, a 23% above its current price. Though,if the bullish momentum fades,key support lies at $0.023, its 20-day SMA.
