WRX, the native token of the WazirX cryptocurrency exchange, has experienced a remarkable 100% price increase in December 2023, outperforming many other cryptocurrencies in the market.
In the last few hours, the WRX token saw a huge surge in trading activity as it’s up by 3800% according to CoinmarketCap. The huge trading activity has affected positively on the token price as it stands above ₹20 from ₹15 in a short time.
The recent news of FIU notice on 9 crypto exchanges providing VDA services to Indian users seems to be the reason behind the surge.
Taking a look at the token price history, the value of WRX was ₹9 at the start of the month, with the price now at ₹20 giving it a 100% jump. Today itself the token has soared 30%.
The price action of the token suggests that since the beginning of December, the token has shown signs of reversal, and was already gaining strength day by day.
In the third week, it had lost its momentum but remained above the support level of ₹15. The recent surge has helped it propel a key resistance.Â
The RSI is above the 70 range due to the sudden rise, showing that after a short correction, the price can move future upwards.
In the Morning when more Indias wake up to the news of other exchanges getting the governmental notice, their attention may shift to WRX for investment. This might start a new bull run for 2024.
