XDC Network (XDC) has emerged as one of the top-performing cryptocurrencies today, recording a 16.45% surge in its price. This significant uptick comes amid growing recognition of the network’s influence and recent development in the staking ecosystem. Despite this surge, the trading volume has only seen a moderate increase of 2.11%, indicating a shift in market sentiment but without overwhelming activity. At writing, XDC sits at $0.1147.
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The Role of MLETR in XDC’s Price Surge
The price increase is linked to the widespread adoption of XDC’s Model Law on Electronic Trade Records (MLETR). Web3 enthusiast Angelica Saldaña emphasized on X how XDC has pioneered the MLETR initiative, which has now spread across the G7 and G20 nations.
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By setting the standard for how digital trade will occur, XDC is positioning itself as a leader in the evolving digital trade ecosystem. This initiative is not just about the adoption of a law, but about XDC shaping the future of electronic records, contributing to the network’s growing market presence.
Liquid Staking: A New Era for XDC
Another factor contributing to the price rise is the launch of Liquid Staking for XDC by Prime Numbers Labs. With this new staked liquidity feature, users can stake their XDC tokens while still being able to trade the tokens or utilize them in DeFi protocols.
The introduction of $pstXDC tokens unlocks additional earning potential and DeFi opportunities. Liquid staking offers a new pathway for XDC holders to benefit from rewards without sacrificing the flexibility of their assets, further enhancing the utility of the token in the broader DeFi landscape.
XDC Chart Analysis: Bullish Momentum Continues
XDC’s price chart reveals a bullish trend with significant price movement starting from mid-2024. After a period of consolidation, the price broke out of its range, initiating a sharp upward trajectory.
The XDC price continues to rise within a clearly defined channel, indicating strong support and resistance levels. With the RSI at a healthy 61.71, the market momentum appears to be on a steady upward path without reaching overbought territory. As long as the price remains within this upward channel, there is potential for further gains.
XDC’s growth today reflects its solid positioning within global trade and its innovative solutions within the DeFi space, making it one of the most watched tokens in the market.
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