Is the iPhone XR a flagship phone?

Yes, the iPhone XR is a flagship phone because of its great specs and features, which include an A12 Bionic chip and a large 6.1-inch Liquid Retina display.
That said, some prefer to call it a "budget flagship" because the iPhone XR was released at the same time as the higher end (and more expensive) iPhone XS and iPhone XS Max.
Would you call the XR a true flagship, or would you leave that title to the XS and XS Max?

Yes
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