The native token of Indian cryptocurrency exchange WazirX, WRX, has pumped over 25% recently, making it one of the top performers amid the broader crypto downturn. WRX is currently trading at around $0.26, giving the token a market capitalization of over $100 million. However, this is still far from its all-time high of over $4 reached in April 2021.
Traders should note that WazirX’s official social media accounts have not posted any significant announcements or updates in the last 4 months that would explain this recent price surge. One potential factor driving the pump is that WazirX is owned by leading global exchange Binance. So further integration or partnerships between the two could be boosting trader confidence.
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Moreover, India recently banned certain domestic cryptocurrency exchanges. However, WazirX was not on this ban list, meaning it can continue operating legally in the key Indian market. This regulatory clarity could also be fueling bullish momentum behind WRX.
When analyzing WRX’s technical indicators, its relative strength index (RSI) stands at 53, signaling more room for growth in the token’s price. An RSI between 50 and 70 generally indicates bullish momentum, meaning prices could continue rising.
But what is WazirX and why could traders be excited about its long-term growth prospects? Launched in 2018, WazirX claims to be India’s fastest growing cryptocurrency exchange with over 400,000 users. Its mobile app boasts an excellent average rating of 4.6 out of 5 stars on app stores. WazirX is also part of the Binance ecosystem, having partnered with the leading global exchange on initiatives like a $50 million “Blockchain for India” fund.
Key features traders may find useful on WazirX include instant INR fiat deposits/withdrawals for Indian users, expert trader auto-trading through its “Smart Token Fund,” an advanced auto-matching P2P trading engine, and support for over 80 cryptocurrency tokens.
With clearer regulations, deep ties to Binance, and positive technical indicators, traders have ample reason to be bullish on WRX at the moment.
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