Flare Network Surpasses $43M in Bridged XRP, Expert Predicts Breakout to New ATH

Flare Network has recorded over $43 million worth of XRP now bridged onto its blockchain. This comes as a crypto expert predicts a potential breakout that could push the token toward a new all-time high (ATH).

Flare Network’s Hit Liquidity Milestone

In a recent X post, Flare Network co-founder Hugo Philion confirmed that the network now hosts $43 million in bridged XRP.

The assets were used to mint FXRP, a wrapped version of the altcoin native to the Flare blockchain. Users can engage in activities like lending and yield generation with the token without having to sell their primary holdings.

This milestone follows the launch of Flare’s stablecoin backed by XRP via Enosys Liquity V2.  For DeFi protocols developed on the network, the stablecoin offers deeper liquidity and improves capital efficiency.  Wrapped Flare (wFLR) is used as collateral for the stablecoin, increasing its on-chain usefulness.

The stablecoin product came after Flare Network rolled out Firelight. It is an institutional-grade product designed to deploy billions of XRP on the network. Firelight helps investors earn yield by using a liquid staking system.

Furthermore, the network reported that more than 15 million tokens are currently in motion on its network. This suggests that users experimenting with the FXRP model are adopting it more frequently.

Data from Dune Analytics further shows that demand for FXRP is increasing. Daily transactions and wallet interactions have been rising steadily since the feature launched.

Expert Sees XRP Rally Toward New Highs

The strong on-chain activity has sparked bullish predictions from analysts. Prominent expert EGRAG CRYPTO described the current market structure for the token as “super bullish.” 

The expert also noted that the asset remains technically sound above the $2.77 mark. He argued that short-term volatility is merely “noise” ahead of a major upward move. EGRAG predicted that the token might soon break through its past high to reach a new all-time high (ATH). 

He noted that increased investment from institutions could lead to a lasting price rise when the market conditions are right.

Adding to the bullish backdrop, institutional interest in the altcoin continues to rise. Recently, Reliance Global Group added XRP tokens worth $17 million to its digital asset collection. This purchase shows a trend of companies diversifying by holding this token. 

Additionally, there is growing excitement as the U.S. SEC is set to review several applications for XRP ETFs in October. Approval could make the altcoin the third significant cryptocurrency to obtain U.S.-listed ETF status, with companies like Greyscale, Bitwise, and WisdomTree among the applicants.