Flare (FLR) Surges 10% After Latest XRP Integration — Price Closes in on Key Resistance

Key Takeaways

• FLR is nearing a breakout from a symmetrical triangle, with intense buying pressure confirmed by a CMF.
• Flare’s new DeFi integration for XRP holders, announced on June 1, is expected to boost network activity.
• On the 4-hour chart, FLR has broken out of a descending channel and could break the resistance near $0.022.

FLR, the native token of the EVM-compatible layer-1 blockchain Flare, has emerged as the top performer among the top 100 cryptos.

Over the past 24 hours, FLR’s price has climbed nearly 10%, bringing it within striking distance of a key resistance level.

The surge follows Flare’s recent announcement of a significant update linked to XRP. As the price increases, here’s what could be next for FLR soon.

Flare Trend Reversal Confirmed

On the daily chart, FLR’s price is on the verge of breaking above the upper trendline of a symmetrical triangle. As shown below, the cryptocurrency has been confined to this triangle since Jan. 30.

As a result of this move, the Flare token price is closing on the resistance at $0.021. A closer look at the chart also shows that the Chaikin Money Flow (CMF) has surged above the zero signal line.

The CMF uses volume to determine the accumulation level (buying pressure) and distribution (selling pressure) around a cryptocurrency. When the CMF is below zero, selling pressure is intense.

However, in this case, the CMF reading has increased to 0.05, indicating that buying pressure is dominant. If sustained, this could drive FLR’s price toward the upper-level resistance at $0.027.

XRP Synergy Ignites Interest

From a fundamental perspective, Flare’s recent XRP announcement appears to have influenced the token’s price surge. Historically, Flare has maintained a strong relationship with XRP, enabling its trustless integration into decentralized finance (DeFi) applications.

However, Flare took this further on Sunday, June 1, revealing that exchanges can now offer XRP holders access to high-yield DeFi opportunities via the network.

This suggests that XRP may soon be officially listed among the assets eligible to earn yields within the Flare ecosystem.

Once fully implemented, the integration could attract more XRP holders to Flare, increasing protocol activity and demand for its native token. This potential influx of users and liquidity might trigger a further upswing for the Flare token price.

FLR Price Analysis: Upswing Intact

On the 4-hour chart, FLR’s price printed four consecutive green candlesticks to hit $0.016. This caused it to break past the upper trendline of the descending channel shown below.

Following the development, the image below shows that the altcoin has climbed above the 20-period Exponential Moving Average (EMA). The rise above the 20 EMA (blue) indicates strong support for the uptrend.

In addition to that, the Money Flow Index (MFI) has hit 76.11. This MFI reading indicates notable capital inflow into the cryptocurrency.

If this trend continues, Flare’s price might break the resistance at $0.022. If validated, the next target for the cryptocurrency could be  $0.028, near the 0.236 Fibonacci level.

However, if demand for the Flare token drops, this prediction might not pass.

FLR’s price might drop toward $0.016, positioned at the 0.786 Fibonacci level.