Flare CEO Says XRP Holdings on Flare Jumps 10% Despite Market Downturn

Flare CEO Hugo Philion reveals that XRP holdings on Flare surged by over 10% in a single day, even as the broader crypto market endured another sharp downturn.

The broader crypto market suffered another sharp downturn on February 27, pushing the total market cap down to $2.23 trillion. Amid the sell-off, XRP also faced selling pressure, sliding from around $1.42 to $1.30.

However, as market sentiment weakened, Flare CEO Hugo Philion pointed to accelerating XRP adoption on Flare, arguing that real usage continues to expand despite falling prices. This rise in on-chain activity underscores the growing participation in decentralized finance (DeFi) among XRP holders. 

Key Points 

• Flare CEO Hugo Philion reveals that XRP holdings on Flare surged by over 10% in a single day. 
• Flare’s official account confirmed that more than 3 million XRP were bridged to mint FXRP and subsequently deposited on Upshift. 
• FXRP’s circulating supply has now climbed beyond 114 million tokens, with over 89 million tokens currently locked across DeFi protocols.  
• XRP price has slumped from around $1.42 to $1.30.

10% More XRP Bridged to Flare Despite Falling Prices 

In particular, Philion revealed that XRP balances on Flare jumped by 10% in just one day, even as prices across the broader market declined. Consequently, he stressed that long-term fundamentals outweigh short-term macroeconomic fluctuations. 

While external pressures continue to shape near-term sentiment, Philion believes the expanding use of XRP within Flare’s DeFi ecosystem confirms that network-level growth remains firmly intact.

Notably, this surge follows Flare’s recent integration with Xaman Wallet, which enables one-click access to DeFi. The upgrade allows users to deposit XRP directly into yield-generating vaults through a single transaction, significantly lowering entry barriers.

FXRP Supply Crosses 114M 

Meanwhile, Flare’s official account confirmed the sharp increase in XRP deposits. According to the update, users bridged and deposited more than 3 million XRP on Flare within 24 hours, minting the equivalent FXRP and deploying it on Upshift via Xaman Wallet.

Supporting data shows that FXRP’s total supply was 106.06 million at the time of the post, with 89.17 million locked across various DeFi protocols. Meanwhile, on-chain metrics indicate that FXRP’s circulating supply has since expanded to 114.04 million, reflecting a 13.3% surge and reinforcing Philion’s commentary. These tokens were minted across more than 43,570 transactions within the Flare ecosystem. 

Notably, the data points to rapidly accelerating DeFi participation among XRP holders within Flare’s ecosystem. Converting XRP to FXRP gives users access to lending, liquidity provision, and yield-generating strategies. 

In the meantime, the rapid growth in bridged XRP suggests that an increasing number of investors are putting their assets to work, even as broader market uncertainty persists.