Flare FXRP Nears 100 Million Supply As FLR Hits Major Support Zone

Flare Network’s FXRP token is approaching a total supply of 100 million, according to a Feb 15 update on social media. Most of this supply is already locked in DeFi protocols, showing that XRP’s on-chain utility is gaining traction.

FXRP is being used for collateral, liquidity provision, and yield-generating products that cater to both retail investors and institutional workflows over time.

Flare has just completed the distribution of FXRP to its holders over a period of three years, which is a precursor to more DeFi adoption.

According to Cryptoinsightuk, FLR is now a “beta play” for those who wish to be part of the DeFi world of XRP. This means that long-term holders of the token will be able to benefit from new products created with the token.

Flare Faces Persistent Bearish Pressure

Despite the increasing adoption, the price action of FLR remains challenged. The weekly charts of FLR/USDT on OKX depict a downtrend with lower highs and lower lows. Since its peak in early 2024, the price has struggled to move above a line that connects various highs.

FLR is currently trading around the price of $0.0102 and is at a critical level of support. This region has been responsible for massive price movements in the past, and it is closely watched by buyers.

However, if this region is reached again and there is a lack of buying interest, a breakdown can be expected. The volume of trade indicates that the previous rallies were accompanied by high trading volumes, while the current decline is accompanied by lower volumes.

Potential Scenarios and Trend Outlook

The technical indicators are mixed for FLR. The RSI for the weekly chart is in the mid-30s, which is close to the oversold region. In the past, a bounce from this region has led to relief rallies. However, the RSI is still below 50, indicating that the bear trend has the upper hand.

Two scenarios appear possible. If the $0.0102 support level holds, and a higher low is established in shorter time frames, FLR may attempt a relief rally towards the descending trendline resistance at $0.018-$0.022.

A breakout with strong weekly volume above the trendline would indicate a possible large trend change. Conversely, a definitive close below the demand zone could result in new lows with little support in sight below $0.009.

Read More: Flare (FLR) Near Historic Lows As Bullish Breakout Targets $0.18