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Loopring (LRC) has taken a parabolic development



Loopring's price is still holding steady as investors remain bullish about demand. The LRC price has skyrocketed for the last seven days in a row and is at an all-time high. It is trading at $ 3.45, about 845% higher than it was at the beginning of the month. That rally brought the total market cap to more than $ 4.5 billion. This Loopring is currently the 45th largest cryptocurrency in the world.

What is LRC and why is the price increasing?

Loopring is a Layer 2 blockchain project. It helps scale financial platforms built on top of the Ethereum blockchain. Thus, it helps users to gain access to a fast, inexpensive and more efficient platform for exchange, trading and liquidity solutions.

The loopring protocol helps scale these solutions by enabling significantly higher speeds. On its website, the company claims that its product is about 1,000 times the speed of Ethereum . It processes 2,025 transactions per second. Ethereum has a speed of less than 20 transactions per second.

Loopring also has a market platform that enables people to buy and sell cryptocurrencies for relatively low fees. It has also introduced a platform that serves as a marketplace for non-fungible tokens (NFT). In all of this, LRC is the native token that makes these transactions possible.

So why is the loop ring rate increasing? There was no major news from the Loopring developers. So I suspect the rally will be mostly driven by dealers looking to tap into the next big thing. Indeed, the data compiled by CoinMarketCap and CoinGecko shows that the volume of loop ring trading has been on a strong uptrend recently.

Another possible reason is that we could be in a Layer 2 season. In the past few weeks, other Layer 2 cryptocurrencies such as MATIC and Arbitrum have also risen.

Loopring is not alone. In the past few weeks we have seen many cryptocurrencies rise due to the hype. For example, the price of Shiba Inu soared in October. Others that have gained momentum are IoTeX and Kadena.

The daily graph shows that the loop ring course has recently shifted into high gear. It has moved so far above the 25 and 50 day moving averages. That means he's extremely overrated. At the same time, the Relative Strength Index (RSI) has risen to its highest level ever.

So I suspect this rally will soon take a breather as momentum fades and more buyers start taking profits. Therefore, I cannot rule out a double-digit decline in the coming days.

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