Flare Network’s FXRP token is approaching a total supply of 100 million, with most already locked in decentralized finance protocols. Despite this on-chain utility growth, the network’s native token, FLR, faces persistent bearish price pressure, trading near a critical support level of $0.0102.
Flare Network’s FXRP token is nearing a 100 million total supply, as stated in a recent social media update. Data shows most of this supply is already locked in DeFi protocols, indicating growing utility for XRP on-chain.
The token is being used for collateral, liquidity provision, and yield-generating products. Flare recently completed a three-year distribution of FXRP to holders, which is seen as a precursor to further DeFi adoption.
According to a post by Cryptoinsightuk, FLR is now considered a “beta play” for those who wish to be part of the DeFi world of XRP. This suggests long-term holders could benefit from new products created with the token.
Despite the adoption, FLR’s price action remains challenged. Weekly charts depict a downtrend, with the token currently trading around $0.0102 at a key historical support level.
Analysts note a potential relief rally is possible if this support holds. A definitive close below this demand zone, however, could lead to new lows with little support in sight below $0.009.
