- Radix price was up 40% in 24 hours and 118% over the past week as trading volume jumped 155%.
- Gains for XRD come as the layer-1 blockchain announced the date of an upcoming major upgrade.
- XRD has broken into the top 50 cryptocurrencies by market cap with $1.16 billion as Bitcoin price looks to retake the $30k level.
The price of Radix (XRD) is up 40% in the past 24 hours after massive buying pressure pushed it past the psychological $0.10 mark early Tuesday. Radix is outperforming the top coins across the daily, weekly and monthly charts even as Bitcoin price looks to reclaim $30,000 and Ethereum moves above $2,100.
XRD tokens have seen a 155% jump in daily trading volume in the last 24 hours, a scenario that comes from the recent spike in market activity for the cryptocurrency. The price gains have seen XRD break into the top 50 cryptocurrencies by market ranking.
CoinGecko data shows Radix currently ranks 48th on the list, with $1.16 billion in market cap.
Radix up after Babylon upgrade date announcement
As the cryptocurrency market teeters on the verge of a new bull market, it’s no doubt Radix has seen renewed bullish momentum. However, most of the buying pressure for XRD is down to the hype around its upcoming developments.
Radix is a layer-1 blockchain network built to offer truly decentralised and scalable DeFi access. In the past few days, the XRD price has surged after news of its upcoming smart contracts integration. The network will also soon add full atomic composability, with support for sharding.
Babylon upgrade date confirmed: July 31st 2023.
The upgrade from Olympia to Babylon will pave the way for global Web3 & DeFi to finally exit the “tech demo” stage with a mainstream-capable user and developer experience.
Read more: https://t.co/XSRWWoLobE
— Radix – Radically Different DeFi (@radixdlt) April 11, 2023
The highly anticipated network growth will be part of the Babylon upgrade, whose launch date was recently confirmed for 31st July 2023. According to Radix, the upgrade is expected to pave the way for mainstream adoption of Web3 and DeFi on Radix. Currently, the features are only available in “tech demo,”
Radix price outlook
The positive sentiment has benefitted Radix bulls. Having struggled to break past resistance around $0.08 last week, XRD/USD exploded to an intraday high above $0.12 on early Tuesday.
With a 24-hour trading volume of over $16.9 million and price gain of over 118% in the past 7 days, Radix appears all set for a major swing in coming days. The bullish perspective has the daily RSI and MACD strengthening.
Chart showing Radix (XRD) price. Source: TradingView
Although there’s been a brief lull in buying that had XRD price retreat towards $0.11, the immediate outlook suggests a pump to March 2022 highs of $0.16 could be the next step.
The long-term Radix price prediction has the XRD token trading higher in the next bull market and beyond. However , for the immediate outlook, the area around $0.074 and $0.061 provides the primary demand zone.
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In the cryptocurrency market, news of the Radix (XRD) asset has caused ripples of excitement as the token has experienced a 40% price surge over the past 24 hours.
Recently, XRD has broken above a psychological level which was a key resistance level for the asset, leading analysts to believe that a new rally is underway. This event sent the asset’s price skyrocketing and has created huge excitement from investors and traders within the cryptocurrency space.
Radix has seen a strong performance recently, and is currently trading at $1.21, up from its current all-time low of $0.86 at the beginning of this month. The cryptocurrency is up nearly 90% from its all-time low and is now the 18th largest cryptocurrency in terms of market capitalization, suggesting that its recent surge has caught the attention of the broader crypto market.
Analysts believe that the recent price surge is due to a general crypto market surge in tandem with specific on-chain activities that are happening on the Radix platform, leading to higher levels of trading and overall network activity. The news of the price surge has led to increased demands for XRD tokens, and traders are eager to take advantage of the opportunity before the price rises even more.
Overall, the news of the Radix price rally has caused widespread optimism and excitement in the market. With the help of strong on-chain performance, the XRD token is now well on its way to achieving further mainstream adoption. With its current price trajectory, the asset is expected to reach even higher levels in the near future.