WazirX Pumps 24% on CoinMarketCap. One To Watch Today?

On Jul 13, 2023

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WazirX, the native crypto of India’s leading cryptocurrency exchange, has pumped by more than 24% in the past 24 hours.

Tradingview shows multiple green candles forming. Is the recent compliance tweet by the exchange the primary force behind this growth?

📢 WazirX Compliance Update – June 2023
» Multiple KYC details were rejected to ensure only users with valid identity documents can trade
» WazirX received 250 requests from users & agencies, 204 of which were from law enforcement agencies
Read more 👇https://t.co/WDhwiiy5qH
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) July 12, 2023

WazirX Goes Up By 24% – Shows Signs of Consistent Growth Over Past Month

The Indian cryptocurrency space received good news today upon discovering the native cryptocurrency of India’s cryptocurrency exchange WazirX went up by 24%.

The trajectory of growth is still persisting. At press time, the charts show that WazirX is up by more than 25%. The monthly trading chart shows a consistent growth of 57% for this Indian-origin crypto.

The price chart shows that the first major bullish candle for Wazir X was formed on June 25, which was followed by a rapid retrace. With the latest surge, however, the crypto community has started to wonder about the reasons behind the interest.

India’s Cryptocurrency Ecosystem is Not Very Friendly

India’s cryptocurrency ecosystem has been ripe with contention between companies and regulatory bodies. With the likes of the RBI governor almost begging people to believe that “crypto is nothing more than gambling“, the country’s government has been unfriendly towards crypto trading.

Amidst these issues, however, the likes of WazirX have continued to retain themselves. Wazir is India’s largest cryptocurrency exchange, facilitating the trade of Bitcoin, Ethereum, Litecoin, and other cryptocurrencies in India.

WazirX made international news with its feud with Binance in 2022 when WazirX claimed that the world’s largest cryptocurrency exchange had acquired it. Binance swiftly denied these claims.

This battle, and the impact of India’s regressive crypto taxation laws that impose a 30% tax rate detracts from India’s interest in crypto trading, resulting in a 97% drop off in WRX’s value.

However, the slow dissolution of the crypto winter has renewed interest in crypto trading in the country. On July 10, WazirX tweeted via its official channel that Bitcoin, Shiba Inu, and Ripple were the most traded coins on the cryptocurrency exchange.

Top three traded coins on WazirX in June:
🚀 $BTC
🚀 $SHIB
🚀 $XRP pic.twitter.com/J5HCVxmayV
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) July 10, 2023

The Reason Behind WRX’s Comeback

Even though a double-digit surge is uncommon, there hasn’t been much speculation online highlighting why.

The most likely reason could be the recent tweet about WazirX’s adherence to compliance, which could have brought most customers to WazirX.

These new customers would require WRX to facilitate exchange-based services, such as trading discounts, airdrops, margin fees, and more.

WazirX shared that it could achieve 100% compliance in the month of June by staying vigilant on the regulatory front. That meant handling requests from 204 law enforcement agencies and having a turnaround time of less than 25 minutes.

We could have drawn parallels between WazirX’s performance and the broader macroeconomic activity, but WRX hasn’t treaded along Bitcoin’s rising path.

WazirX Price Analysis

WazirX formed two major bullish patterns over the course of the last month. The tokens’ RSI lies at 68%, keeping it closer to the oversold zone and showing a strong bullish sentiment.

The MACD histogram has also taken an above-zero direction as of late, which also shows a bullish sentiment around this asset.

At press time, WazirX is trading at $0.11, with a 24-hour trading volume of $48.9 million. the token’s current market capitalization stands at $47.2 million.

Inspired By Thug Life Memes, $THUG is a Better Investment

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