Flare’s co-founder shares low-risk XRP staking plans amid FLR airdrop

Source Fxstreet
  • Flare’s co-founder, Hugo Philion, shares XRP's staking mechanism on the Flare network powered by Firelight. 
  • Amid an airdrop program, Flare is trending in the red so far this week; a surge in bearish momentum aligns. 
  • The technical outlook proposes a downside risk of more than 30% as Flare fails to break a crucial trendline resistance. 

Flare Network (FLR) is trading at $0.01778 at press time on Thursday, with no significant movement after a 2.26% drop on Wednesday. Parallel to the downfall this week, Flare Network operates an airdrop for WFLR holders while its co-founder, Hugo Philion , discusses the plans and mechanisms of XRP staking for users to earn liquid staked tokens as the next step in expanding Ripple’s XRP role in Decentralized Finance (DeFi). 

Flare Network fuels XRP’s DeFi use case amid FLR airdrops

Hugo Philion highlighted the XRP staking feature as a critical flywheel in the DeFi growth in an interview. The low-risk staking of Ripple’s token will be offered through Firelight, a DeFi platform built with an institutional partner, to secure services called actively validated services.

Similar to other stackable tokens, XRP staking will enable users to earn incentives in the form of Liquid Staked Tokens (LST), which can be used in other DeFi services. 

https://x.com/beyond_broke/status/1930338262465368560

Alongside the interview, the network announced the FlareDrop.28 were deposited into eligible holders’ accounts. In the airdrop, users with 100 wrapped FLR tokens stand to gain 2.14 FLR tokens. All the FLR token holders are eligible for an airdrop via the wrapping or staking features. 

Flare risks losing crucial support for an extended correction

Flare’s price movement maintains an overall bearish tone, as it has failed to conclude the lower high streak formation since December. FLR takes a bearish reversal from the 200-day Exponential Moving Average (EMA) at $0.019 on Monday, initiating the streak of three consecutive bearish candles accounting for over 7% fall so far this week. 

The Relative Strength Index (RSI) at 44 retraces below the halfway line after a sudden bullish spike last week. As bearish momentum revives, the RSI indicator shows room for extended correction as the oversold conditions are yet to be met. 

The Fibonacci retracement from December’s highest closing price at $0.035 to the year-to-date’s lowest at $0.011, the 23.6% Fibonacci level at $0.016 acts as the immediate support level. 

Investors looking to short the altcoin can find opportunities with a daily closing below $0.016. The next support lies at $0.011, but an early exit trigger could be RSI hitting the oversold zone. 

FLR/USDT daily price chart. Source: Tradingview

Through an optimistic lens, an upside reversal is possible if FLR finds a daily close above $0.020, May’s high, that could accelerate a bullish trend to the 50% retracement level at $0.023. 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin drops below $110K ahead of $22B options expiry; altcoins tumbleBitcoin fell below the $110,000 mark on Friday, heading for a steep weekly loss as nearly $22 billion in cryptocurrency options were set to expire. The drop also comes as traders await key U.S. inflation data that could influence the Federal Reserve’s policy outlook.
Author  Mitrade
Sept 26, Fri
Bitcoin fell below the $110,000 mark on Friday, heading for a steep weekly loss as nearly $22 billion in cryptocurrency options were set to expire. The drop also comes as traders await key U.S. inflation data that could influence the Federal Reserve’s policy outlook.
placeholder
Tesla set to beat Q3 delivery estimates on robust U.S. and China demand, says RBCTesla (NASDAQ: TSLA) is on track to exceed market expectations for third-quarter deliveries, driven by stronger sales momentum in both the United States and China, according to RBC Capital Markets. The firm projects 456,000 vehicle deliveries for Q3, compared with consensus forecasts of 440,000 (Visible Alpha) and 448,000 (FactSet).
Author  Mitrade
Sept 26, Fri
Tesla (NASDAQ: TSLA) is on track to exceed market expectations for third-quarter deliveries, driven by stronger sales momentum in both the United States and China, according to RBC Capital Markets. The firm projects 456,000 vehicle deliveries for Q3, compared with consensus forecasts of 440,000 (Visible Alpha) and 448,000 (FactSet).
placeholder
Dollar Weakens and Stocks Stall as Gold Rises Ahead of Fed DecisionOn Wednesday, global markets saw the dollar weaken, shares dip slightly, and gold rise to new highs as investors prepared for the Federal Reserve’s anticipated interest rate cut later in the day.
Author  Mitrade
Sept 17, Wed
On Wednesday, global markets saw the dollar weaken, shares dip slightly, and gold rise to new highs as investors prepared for the Federal Reserve’s anticipated interest rate cut later in the day.
placeholder
Key Challenges Ahead for US-China TikTok Ownership DealA newly announced framework agreement between the United States and China aims to shift TikTok’s ownership to U.S. control, raising numerous questions and challenges.
Author  Mitrade
Sept 17, Wed
A newly announced framework agreement between the United States and China aims to shift TikTok’s ownership to U.S. control, raising numerous questions and challenges.
placeholder
Oil Prices Rise Following Attacks on Russian Energy Infrastructure Oil prices climbed further on Monday as markets reacted to Ukrainian drone strikes targeting Russian refinery infrastructure, raising concerns over potential disruptions to Russia’s crude and fuel exports.
Author  Mitrade
Sept 15, Mon
Oil prices climbed further on Monday as markets reacted to Ukrainian drone strikes targeting Russian refinery infrastructure, raising concerns over potential disruptions to Russia’s crude and fuel exports.
Related Instrument
goTop
quote