Loopring Update & Price Prediction 2022 & Beyond: Could LRC Token Make You Rich?

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Loopring is a decentralized exchange and open protocol for cryptocurrency trading that aims to solve the major problems of most current crypto exchanges. Its protocol is not only equipped with order matching, but also with order execution and an order book.

With their recent partnerships, Loopring has become the fourth-largest Layer-2 network after Arbitrum, Boba Network, and dYdX. This growth may be indicative of a breakout above $3. Let’s see if LRC is ready for their next milestone!

On November 10th, Loopring’s price reached an all-time high of $3.6 and is currently trading sideways at $2.7.

With Loopring’s ecosystem continuing to grow, the company recently placed as the fourth-largest Layer-2 network after Arbitrum, Boba Network, and dYdX. Is LRC ready for a breakout above $3? Let’s find out.

What Is Loopring?

Optimistic Rollup, ZK Rollup, Plasma, and Validium are a few of the scalable algorithms implemented in Layer-2 networks such as Loopring to address Layer-1’s congestion.

By utilizing Loopring’s Layer-2 network and offering higher transaction speeds, traders are able to avoid Ethereum’s expensive gas fees while considering scalability. Loopring utilizes ZK Rollups, a scalability solution enabling blockchains to validate transactions more quickly.

LRC has a Layer-2 app that is fully functional, so anyone can connect via MetaMask. Users must deposit their Layer-1 ETH to Loopring’s Layer-2 network to trade on the LRC market.

Loopring Update

Loopring has announced that it has added DAOSquare (RICE) to its ecosystem, an incubator for Web3 applications similar to Y-Combinator of the early 21st century.

Loopring recently tweeted that they are looking for a Senior iOS + Android developer, signalling a continued expansion of their ecosystem.

According to l2beat.com, Loopring is the fourth largest Layer-2 network in terms of total value locked (TVL).

loopring l2beat

Furthermore, the Loopring Twitter account retweeted Andrew Kang’s post demonstrating that LRC had the highest recorded transactions per second.

Loopring continues to set itself apart as a Layer-2 network leader with the highest TVL and TPS recorded. Loopring is on track to quickly achieve a $1 billion TVL, establishing it as the top ZK Rollup network on the market.

The Loopring price has risen by 0.64%

According to the loopring chart below, $2.7 has been a significant support level for the cryptocurrency. Today, the Loopring price is trading at $2.84, up 0.64% in the past 24 hours.

loopring price coinmarketcapSource: CoinMarketCap

LRC’s trading volume is also relatively low, which indicates that it is unlikely the market will rally again any time soon.

Nevertheless, LRC is able to maintain the $2.7 support level exceptionally well. Loopring has also tested $3 support several times, but has not been able to sustain it.

A potential GameStop partnership rumor has been circulating throughout November. The last word on this was Loopring’s CEO moving $150 million worth of LRC on November 17th. As of today, there are no further reports regarding GameStop’s NFT partnership following the 61 million LRC transaction.

In the event that GameStop announces the partnership, Loopring will see a massive bull run, and it only makes sense that the market trades sideways for the time being.

Via this site.

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