Key takeout
Why have FLR prices skyrocketed recently?
With the launch of FXRP, XRP was able to induce offensive purchases and be created as an over-asset for offensive purchases.
What will affect the next move in FLR?
If buyer demand is retained, FLR could reconsider $0.0278, but strong profit acquisitions could potentially reduce to $0.023 support.
Flare Network [FLR] After 8 months of height surged to $0.0285, it was recreated rapidly to $0.025 during pressing.
During the same period, that volume surged 347% to $52 million, but the market capitalization reached a new high of $2.1 billion, indicating a stable capital flow.
But what caused the price hike?
Flare Network launches FXRP
The recent launch of FXRP has mainly driven the price increase for Flare. According to the official report, Flare has launched a facet protocol that begins with FXRP V1, a version of XRP designed for DEFI.
This movement is intended to allow ripples [XRP] Holders who MINT FXRP with flares and access the lending liquidity pool and DEXS on their network.
The rollout marks XRP, a non-smart contract, for the first time, for use in a complex defi system without third parties.
Importantly, this facet is designed to convert XRP tokens into a one-to-one representation that is protected through excess assets and deployed throughout the Defi protocol.
Retail buyers jump into the market
Importantly, following the deployment of FXRP, buyers jumped into the market to accumulate AltCoin. According to Coinalyze, FLR saw a $222 million purchase volume compared to a $190 million sale volume.
Source: Coinalyze
As a result, Altcoin saw an aggressive buy and sell delta of 12 million flr tokens, a clear indication of an aggressive spot accumulation.
Historically, increased accumulation has resulted in upward pressure, often resulting in higher-priced preludes.
Those who benefit, join the party
As expected, as Flair jumped onto the price chart, the underwater holder jumped into the market for cash out.
According to Coinglass, FLR has recorded positive spot Netflow for 10 consecutive days. At the time of pressing, Netflow was $222.5K, indicating an increase inflow.
Source: Coinglass
In many cases, if profitable activity is held over a sustained period, it creates downward pressure, resulting in a market rebound.
Can FLR retain recent profits?
Ambcrypto analysis showed that Flares skyrocketed as investors rushed into the market to accumulate with the launch of FXRP.
So Altcoin’s stochastic RSI has made a bullish crossover, reaching 66.9, showing strong upward momentum.
Source: TradingView
Similarly, its relative strength index (RSI) jumped to 69 and then went back to 61, further confirming an increase in buyer and seller activity.
Typically, when these momentum indicators are bordered in bullish areas, they indicate the possibility of continuing trends. So, if demand witnessed on past days is held, FLR will regain $0.0278 and target $0.0289.
However, profitable students are very active in the market, pose a major threat to the upward trend. If the seller overwhelms the market, the correction continues at $0.023 as a critical support level.