Flare (FLR) Rebounds 7% on XRP Integration News

XRP is coming to Flare Network, update that pushed FLR price higher

News

Mon, 12/02/2024 - 9:18

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Flare (FLR) is on a bullish rampage today after news of the integration of XRP on its network was shared by its cofounder, Hugo Philion. At the time of writing, the price of FLR has jumped by 7.1% in the past 24 hours to $0.03175. The price recorded as much as 10% growth over the weekend as bulls weighed in the impact of XRP on the protocol.

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Despite its close association with Ripple Labs, FLR and XRP have no unique ways to interoperate, a long overdue integration issue that Philion and his team are now determined to solve. Taking to his official X page, Philion noted that "FXRP will enable XRP to come to Flare and also other ecosystems through LayerCake."

FXRP will serve as a form of wrapped XRP on the Flare network and amplify the moves of the protocol to bring flexibility to its community of developers. With the LayerCake protocol, Flare developers can now create dApps that will connect users with other broader ecosystems, bringing in the versatility that can truly showcase the uniqueness of the innovation of the oracle provider.

While the exact timeline of the integration was not revealed by Philion, the anticipation has already generated massive excitement in the community.

The XRP advantage

In reality, Flare Network is an independent ecosystem that serves the broader digital currency ecosystem. However, a linkup with XRP comes at a very strategic time when the cryptocurrency is undergoing intense evolution.

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Since Judge Analisa Torres declared the coin a nonsecurity last July, XRP is now the only altcoin officially recognized by law as a nonsecurity. Notably, the SEC still has pending legal battles that have labeled the majority of the top tokens as investment contracts. This gives Flare a very good hedge if it completes the XRP integration.

According to Philion, the integration will allow Flare to serve decentralized data to Hooks-enabled protocols on the XRP Ledger.

#Flare Network

About the author

Godfrey Benjamin

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on Blockchain.news, Cryptonews and Coingape, among others.