$FLR Tracing XRP’s Pre-Bull Market Pattern
The token price of Flare ($FLR) has been under pressure as the broader crypto market continues its prolonged decline. Despite this weakness, its long-term chart has started to resemble the pattern $XRP formed before its historic rally during the 2017 bull market.
For context, $XRP produced one of the biggest rallies in crypto history during the 2017 bull cycle, climbing from $0.005 in March 2017 to $3.31 in January 2018, delivering a remarkable 66,100% gain in less than a year.
The asset spent several years forming lower highs before its rally. It first climbed to $0.0435 in December 2013, marking the peak of its first major bull run. After peaking at $0.0280, $XRP pulled back again and recovered in December 2015, but only reached $0.0091, creating another lower high compared to the December 2014 peak.
Flare now appears to be following a similar pattern. The token climbed to about $0.048 in February 2024 before meeting resistance and pulling back during a broader market correction. It has remained in a downturn that has continued to push its price lower, currently trading around $0.006, which brings it close to the $0.005 level where $XRP bottomed before its explosive rally in 2017.