WazirX (WRX) has seen a significant price pump over the last month, surging 95% in just 4 weeks. Most notably, the crypto asset associated with India’s largest cryptocurrency exchange rallied 24% in the last 24 hours alone. This price action has led some to speculate that WRX’s rally may only just be getting started.
WazirX is an Indian cryptocurrency exchange launched in 2018 that has grown rapidly, now claiming over 400,000 users. As part of the Binance ecosystem and home to India’s highest-rated crypto trading app, WazirX is uniquely positioned to benefit from further cryptocurrency adoption in India.
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Recent Positive Developments
Several recent developments help explain why WRX may have more room to run. As noted by crypto analyst Sumit Kapoor, India recently instituted a “shadow ban” on 9 major domestic crypto exchanges. With WazirX being the largest Indian exchange listed internationally, it is likely to attract significant trade volume and attention as a result.
Additionally, as analyst Nilesh Rohilla pointed out, WRX is the “only CEX token which will get advantage on International Exchange URL BAN.” If India does proceed with restricting access to international exchange sites, traders would flock to use WazirX and acquire the exchange’s native token.
Why This Might Be the Beginning of a Long Pump
Given WazirX’s dominant position in India’s cryptocurrency market and the favorable regulatory environment it may soon find itself in, WRX seems poised for an extended price run. As the likely destination for Indian traders unable to access international exchanges, trading activity and demand for the WRX token is expected to surge.
With the exchange already demonstrating impressive growth in users and trust, its latest 24% single-day surge has the feeling of a breakout. As analysts and investors continue to take notice of the unique benefits WazirX may soon enjoy, this could indeed just mark the beginning of a sustained WRX pump driven by underlying strong fundamentals.
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