🌎 FLR Rallies on Flare-Uphold Partnership for XRP Staking

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FLR crypto has rallied for the third consecutive day following reports of a partnership with Uphold to implement XRP staking via the Flare Network. This development has sparked significant interest among traders and investors, contributing to notable price movements in recent days.

FLR Price Performance

On June 2, FLR experienced a substantial price increase of 12%, reaching an intraday high of $0.0198. This brings its year-to-date gains to over 72%. At the time of writing, the token’s market capitalization is approximately $1.25 billion, with daily trading volume surging by 160% compared to the previous day.

The rally has also attracted the attention of derivatives traders. Open interest in FLR futures climbed by 12% to $4.8 million, marking the highest level since May 23. The buy-to-short ratio stood at 1.06, indicating slightly more long positions than short ones, which suggests a mildly bullish sentiment among traders.

Impact of Flare and Uphold Partnership

The recent price momentum comes in the wake of Flare’s announcement of a partnership with Uphold, a global multi-asset trading platform. This collaboration aims to enable Uphold users to earn yield on their XRP holdings by utilizing Flare’s smart contract infrastructure.

Flare’s FAssets protocol plays a key role in this initiative. It allows non-smart-contract assets like XRP, Bitcoin, or Dogecoin to be represented on the Flare Network as smart contract-compatible tokens. This functionality enables these assets to participate in DeFi applications, such as staking and lending, which they do not support natively.

Additionally, the partnership is setting the stage for XRPFi, a DeFi ecosystem centered around XRP. If successful, this ecosystem could provide new yield opportunities for XRP holders, particularly those using Uphold, while boosting Flare’s network activity, liquidity, and adoption.

FLR Technical Analysis

On the daily FLR/USDT chart, the token has broken out from the upper boundary of a bull flag pattern, a classic bullish continuation setup that had been forming since early May. Technical indicators suggest further upward momentum:

Moving Averages: FLR is holding above its 50-day moving average, which is beginning to curve upward. If it crosses above the 200-day SMA, it could trigger a golden cross—a widely recognized bullish signal.
MACD Indicator: The MACD line is on the verge of crossing above the signal line, another potential buy trigger.
Supertrend Indicator: The Supertrend indicator has turned green and shifted below FLR’s current price, signaling an uptrend that could persist if buying pressure remains strong.

Based on these signals, the next likely target for FLR is around $0.024, representing a 26% gain from current levels and aligning with the 50% Fibonacci retracement zone. If bullish momentum continues, particularly with a confirmed golden cross, FLR could potentially test the $0.034 level, revisiting its December 2024 high.

Potential Risks

Despite the bullish outlook, traders should remain cautious. A drop below $0.016 could invalidate the current setup, potentially pushing FLR back down toward the $0.011 support level, where buyers have previously stepped in.

At press time, FLR is trending on Google as retail interest grows following the announcement of the Flare and Uphold partnership. This increased attention could further attract buyers and drive prices higher.