WazirX is the most popular and trusted crypto exchange based in India. Right from its launch in March 2018, the exchange has created a buzz for all the good reasons.
It did well to survive the crypto trading ban imposed by the Reserve Bank of India in April 2018 by developing a proprietary auto-trade matching peer-to-peer transaction system. But the major shift came in 2019 when the leading international cryptocurrency exchange Binance announced the acquisition of WazirX.
This strategic deal was the driving force behind the crypto exchange launching India’s first initial exchange offering-based crypto token WRX in 2020 to encourage user participation. WazirX has capped the token supply at one billion. Out of which, 1% has been traded at the time of writing. Initially, the token faced massive price turbulence but achieved significant growth after the Supreme Court Of India lifted the ban in March 2020.
In this article, we will find out what the future may have in store for WazirX regarding the cryptocurrency’s adoption and WRX price prediction.
The Future Of WazirX
The year 2021 marks the third anniversary of WazirX, and its performance over the years has been phenomenal. From shining internationally in the cryptoverse to gaining recognition as the preferred platform for swapping currency, WazirX is moving forward steadily.
The acquisition by Binance and the end of the ban helped grow the WazirX crypto community and the WRX price. In January 2021, the number of active users at WazirX reached one million, while the token price swelled up by over 100%.
With Binance coming into the picture, it is now possible for WazirX to leverage the advanced technology of the former to improve its services further. Eventually, the Indian crypto exchange will let traders trade with even lower trading fees and better processing time.
The absence of laws governing crypto trading in India would attract more investors to invest and trade in WRX. It is WRX’s low price and low transaction cost that could be the game-changer. While supply shortage will drive the value of WRX, the use of the token to pay trading fees will reduce the transaction cost.
Moreover, the recent crypto trading scams in India caused many investors to switch to WRX instead of top cryptocurrencies to avoid huge losses of funds. All of this hints at a bright future for WazirX. However, know more about WazirX exchange and start exploring this platform.
WazirX / USD Forecast, WRX Price Prediction
WRX was priced at 0.12 USD on the day of its launch. Since then, it has been more inclined towards declining, touching as low as $0.05. However, there have been moments, especially after the Binance entry and ban lift, when the token price went as high as $0.39. On good days, investors collected substantial profits. WRX value stagnated during the coronavirus pandemic but has risen impressively in March 2021
Most WRX price prediction analyses are made using candlestick charts that better represent the short-term and long-term price actions over a time frame. Based on the historical data, experts estimate WRX price to go up to 1.53 USD in the next eight years, i.e., 2028.
The variables considered in the prediction include trading volume, token supply and demand, and potential regulations. The candlestick patterns are also efficient in forecasting bullish and bearish WRX price actions.
As cryptos are volatile, the forecast price can deviate a lot. It is also worth noting that WRX has a low market capitalization, which increases the risk of price manipulation. With that said, the token has remained in a bullish cycle since January 2021, making it an ideal choice to diversify the crypto asset portfolio.
WRX Coin Price Prediction 2021
WazirX has been bullish since the start of 2021, with its token trading above the simple moving average and exponential moving average on most occasions. Based on different technical analysis indicators and the average daily gain of 22% as of February 24, 2021, analysts predict the price of WRX to hover somewhere around $0.40-$0.45 in 2021.
WRX is predicted to be an outstanding long-term (1-year) investment. If you are looking for virtual currencies with good returns, WRX can be a profitable investment option.