XDC Network ($XDC), the top 100 crypto token by market capitalization, could not get away from the wrath of the recent crypto market fumble as it took a 5% hit on Tuesday after a brief rally over the past month. As per CMC, the token price today is $0.054521 USD with a 24-hour trading volume of $6,173,237 USD. XDC Network has been down 0.13% in the last 24 hours.
The token is currently trading nearly 70% below the record high of $0.19, hit in August but has managed to surge 58% since hitting seven-month lows in March. Famous analyst Leandro Puca recently mentioned that XDC could possibly reach the $1/$1.5 area.
“There is a path that #XDC is following, if it stays on the support and it continues to move in this way, there is a chance that it can break the resistance and reach possibly the $1/$1.5 area within the next 2 months.”
The token’s latest rally was driven by rising open-source utility-based Dapps such as StorX – decentralized cloud storage, Plugin – decentralized oracle, Globiance Dex , Stablecoin USnota, NFT marketplace XDSea, NFT marketplace SuperBullsnft and Xswap Dex servers as a DEX for all the XRC tokens built on the tokens Network.
Metabloqs is building the first Metaverse on XDC Network and also started its user registration, XDSea, and XDCNFT for the NFT marketplace. Furthermore, Prime Numbers as a DAO generates scholarships for students and many more in various other fields.
Ethereum’s impending shift to a proof-of-stake (PoS) token has boosted interest in the medium, supporting XDC and its peers such as Cardano (ADA), Solana (SOL), and Algorand (ALGO). However, XDC is the most significant PoS token; institutions using the Corda network can implement payments in XDC for any of their enterprise applications.
The Network supports all EVM-compatible smart contracts, protocols, and atomic cross-chain token transfers. It fully complies with the ISO-20022 message standard and its applications in trade finance and other payment sectors. Community-driven efforts through the XDC Foundation for the growth, development, and adoption of the network and new partnerships, and a rapidly growing ecosystem will boost the rising price.
The crypto market seems to be inclined towards the bears after significant coins, including bitcoin, break key support levels, and for the token price to spike in such a bearish scenario will be challenging. Nonetheless, recent significant developments promise a positive outlook, with XDC Network pushing hard to reach greater heights with lots of adoption and acceptance of various ecosystem partners like StorX, Plugin, Xswap, USNota, XDSea, and Globiance.
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