Loopring Price Prediction 2024: LRC Price Analysis
What's next for Loopring?
Key Takeaways
- Loopring’s LRC token increased in early 2024, which aligned with the crypto market.
- The coin’s price fell after a security breach, but it is still far from its all-time high in late 2021.
- It also slumped in early June due to a $5 million hack that hit its platform.
- One price prediction says it may reach $0.33 next year.
Loopring (LRC) has followed the crypto market’s positive momentum, and the coin topped $0.40 in March. Nevertheless, it’s still far from the record high it hit in late 2021.
But the news on a new ‘Loopring Vault’ product releasing shortly that will launch Loopring to being a real CEX-alternative for users who want to remain self-custodial and secure didn’t sustain LRC uptrend.
Furthermore, Loopring, the zkEVM protocol built on Ethereum, announced that it had suffered a security breach related to its ‘Guardian’ two-factor authentication (2FA) service.
The Guardian service allows users to designate trusted individuals or institutions to assist with security operations, such as locking a compromised wallet or restoring one if the seed phrase is lost. However, a hacker bypassed Loopring’s Official Guardian service, initiating unauthorized wallet recoveries with a single guardian without users’ permission.
According to Loopring, wallets using multiple guardians or a different third-party guardian were protected from the exploit, as the protocol requires more than half of the guardians to authorize transactions.
Loopring identified two wallet addresses involved in the security breach. Blockchain data revealed that one wallet drained approximately $5 million worth of tokens from the affected wallets.
Since then, the price has notably dropped, worth $0.1263 on Aug. 12, 2024.
Loopring did not respond to a request for comment.
Let’s now take a look at our Loopring price prediction. We’ll also examine the Loopring price history and explain a little about what Loopring is and what it does.
Loopring Coin Price Prediction
| Minimum LRC Price Prediction | Average LRC Price Prediction | Maximum LRC Price Prediction | |
|---|---|---|---|
| 2024 | $0.11 | $0.26 | $0.28 |
| 2025 | $0.27 | $0.31 | $0.33 |
| 2030 | $0.85 | $0.91 | $0.94 |
Loopring Price Prediction 2024
If the positive momentum continues and LRC breaks above its moving averages, it could reach targets between $0.11 and $0.28 by the end of 2024, with the average price set at $0.26.
Loopring Price Prediction 2025
Technical analysis suggests a potential increase for Loopring in 2025. The minimum LRC price expected for 2025 is $0.27, while the maximum is $0.33. On the other hand, the average forecast suggests it may reach $0.31.
Loopring Price Prediction 2030
Based on technical analysis, LRC may reach a maximum level of $0.94 at the beginning of the next decade, while, in the worst scenario, it may go to $0.85. Meanwhile, the average expected price is $0.91.
Loopring Price Analysis
Loopring has been locked in a persistent downward price channel, indicating a prolonged loss of investor confidence. This bearish trend is characterized by consistent selling pressure, driving the price lower over time.
The absence of any significant support levels on the price chart suggests that the token may experience further declines before finding a stable footing.
While a potential upward correction could be met with resistance around the $0.16 mark, the overall bearish sentiment, reinforced by a declining RSI, suggests that the likelihood of a sustained recovery is currently low.
Short-Term Loopring Price Prediction
Loopring price prediction forecasts a flat movement for the next 24 hours and a slight increase of 1.4% for the next month, bringing the price to $0.127586 by Sept. 11, 2024.
However, the current market sentiment remains Bearish, with the Fear & Greed Index showing a 25, signaling Extreme Fear.
Over the past 30 days, Loopring has seen positive movement on only 12 out of 30 days (40%), coupled with a price volatility of 10.36%. Given these indicators, it may not be an ideal time to invest in Loopring.
Loopring Relative Strength Index (RSI): Is LRC Oversold or Undersold?
Loopring Price Performance Comparisons
| Current Price | One Year Ago | Price Change | |
|---|---|---|---|
| Popcat | $0.1263 | $0.2218 | -43% |
| Enjin Coin | $0.1355 | $0.2917 | -53% |
| Decentraland | $0.2728 | $0.3661 | -26% |
| The Graph | $0.1415 | $0.1064 | +33% |
How Do We Make a Loopring Price Prediction?
Our price prediction for Loopring combines technical analysis tools and recognizes the logic in price cycles. We’ve primarily used the Elliott Wave Principle, which describes these price movements in their motive and correction phases.
Applied to the Loopring-specific time-frames and its price history, we can come up with the targets, although the further we project, the less accurate they are because they depend on what happens in between.
Best Days and Months to Buy Loopring
We took a look at Loopring’s price history and found the times when the price was at its lowest across certain days, months, quarters, and even weeks in the year, suggesting the best times to buy LRC.
| Day of the Week | Friday |
| Week | 1 |
| Month | January |
| Quarter | Fourth |
Loopring Price History
Following that, let’s now take a look at some of the key dates in the Loopring price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when it comes to either making or interpreting a Loopring price prediction.
| Time period | Loopring Price |
|---|---|
| Last week (Aug. 5, 2024) | $0.1097 |
| Last month (July 12, 2024) | $0.1482 |
| Three months ago (May 12, 2024) | $0.2425 |
| One year ago (May 12, 2024) | $0.2218 |
| Launch price (Aug. 31, 2017) | $0.1048 |
| All-time high (Nov. 12, 2021) | $3.2165 |
| All-time low (March 17, 2020) | $0.02483 |
Loopring Market Cap
The market capitalization, or market cap, is the sum of the total number of LRC in circulation multiplied by its price. On Aug. 12, 2024, Loopring’s market cap was $173.0 million, making it the 227th largest crypto by that metric.
Who Owns the Most Loopring (LRC)?
On Aug. 12, 2024, one wallet held 11.85% of the supply of Loopring.
Richest LRC Wallet Addresses
As of Aug. 12, 2024, the five richest Loopring wallet addresses were:
- 0x674bdf20a0f284d710bc40872100128e2d66bd3f. This wallet held 162,823,029 LRC or 11.85% of the supply.
- 0xf977814e90da44bfa03b6295a0616a897441acec. This wallet held 100,000,000 LRC or 7.28% of the supply.
- 0x5a52e96bacdabb82fd05763e25335261b270efcb. This wallet held 60,961,978 LRC or 4.44% of the supply.
- 0xbe0eb53f46cd790cd13851d5eff43d12404d33e8. This wallet held 45,260,187 LRC or 3.29% of the supply.
- 0x46f80018211d5cbbc988e853a8683501fca4ee9b. This wallet held 31,756,873 LRC or 2.31% of the supply.
Fact Box
| Supply and distribution | Figures |
|---|---|
| Total supply | 1,373,873,397 |
| Circulating supply (as of Aug. 12, 2024) | 1,366,806,970 (97% of total supply) |
| Holder distribution | The top 10 holders owned 37% of the maximum supply as of Aug. 12, 2024 |
From the Whitepaper
In its technical documentation or whitepaper, Loopring describes itself as “an open protocol for building decentralized exchanges.”
It says: “Loopring operates as a public set of smart contracts responsible for trade and settlement, with an off-chain group of actors aggregating and communicating orders. The protocol is free, extensible, and a standardized building block for decentralized applications (dApps) incorporating exchange functionality. Its interoperable standards facilitate trustless, anonymous trading.”
Loopring (LRC) Explained
Loopring (LRC) is a cryptocurrency trading protocol designed to address the issues associated with traditional cryptocurrency exchanges and give users more control over their digital assets.
It is an Ethereum Layer-2 scaling protocol that enables the building of decentralized exchanges that rival centralized exchanges in terms of performance. The network can handle up to 1,000 times more trades per second than Ethereum, each costing a mere fraction of a cent.
How LRC Works
The Loopring network is powered by its native utility token called loopring (also known by its ticker, LRC).
LRC launched in 2017. The network primarily powers the Loopring decentralized exchange launched in February 2020. When using the DEX, users must pay in LRC each time they process a trade. Precisely 80% of the fees go to liquidity providers, and the remainder goes between insurers and Loopring’s decentralized autonomous organization (DAO).
Is Loopring a Good Investment?
It is hard to say. The coin has dropped since its all-time high in November 2021. On the horizon, there’s no clear bullish or bearish sign.
Also, the recent $5 million hack news may be a negative catalyst for the coin, highlighting its security weakness.
As always with crypto, you should do your own research before deciding whether or not to invest in LRC.
Will Loopring go up or down?
No one can really tell right now. While the Loopring crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can and do go down and up.
Should I invest in Loopring?
Before deciding whether to invest in Loopring, you will have to do your own research, not only on LRC but on other related coins and tokens such as Ethereum (ETH) and Solana (SOL). Either way, you must also ensure you never invest more money than you can afford to lose.
FAQs
Will LRC reach $1?
According to price predictions based on technical analysis, LRC may reach that level in the next decade.
It’s relevant to note that LRC has already traded above $1.
What is Loopring used for?
Loopring (LRC) is a cryptocurrency trading protocol designed to address the issues associated with traditional cryptocurrency exchanges and provide users with more control over their digital assets.
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability, and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto user should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
