- Radix price jumped to the highest point since February.
- Developers published a statement on the upcoming Babylon update.
The Radix and E-Radix prices jumped sharply on Wednesday morning as investors cheered the latest updates on Babylon. EXRD is trading at $0.1478, bringing its total market capitalization to more than $586 million. On the other hand, XRD is trading at $0.15, giving it a market value of over $1.4 billion.
Babylon update
Radix is a small but fast-growing layer 1 blockchain project that seeks to be a leading platform for DeFi developers. It offers a secure distributed ledger technology (DLT) like Ethereum that makes it possible to build excellent applications in the DeFi industry.
Some of its use cases are in industries like stable coins, yield farming, gaming, DeFi insurance, collateralized lending, and perpetual futures.
In the past few months, Radix developers have been hard at work building and scaling the platform. Recently, they rolled out the Alexandria upgrade that brought in “component” smart contracts running in a private environment. It was the third major step in its roadmap, with the first and second being Betanet and Olympia.
With Alexandria done, developers are now focusing on Babylon, which will introduce an open, self-serving DeFi ecosystem with Scrypto component smart contracts. After this, the final stage of its roadmap will be Xi’an, which will introduce unlimited scalability.
In an update sent on Tuesday, the developers said that Babylon will be rolled out in phases. The rollout will start at the end of the fourth quarter of this year and conclude in Q1 2023. The testnet will come out in the second quarter of this year, which explains why the Radix price is rising. The statement said:
“An extended beta period will give everyone a reasonable time to incorporate the new architecture, and an opportunity to create and refine further documentation for all the different consumers of Radix.”
XRD is the native token for the Radix ecosystem while EXRD is a wrapped version of the coin.
Radix price prediction
The four-hour chart shows that the Radix price has been in a strong bullish comeback in the past few days. It has risen by over 58% above the lowest level this year. As a result, the price is above the upper side of the ascending trendline shown in blue. It has also moved above the 25-day and 50-day moving averages.
The XRD price has also moved above the 38.2% Fibonacci retracement level while the Relative Strength Index and MACD have moved upwards. Therefore, there is a likelihood that the bullish trend will keep rising as bulls target the next key resistance at $0.16.
