WRX Token Jumps 18% After Supreme Court Dismisses WazirX Case

The WRX token, once a relatively obscure player in India's cryptocurrency market, experienced a surprising resurgence this week, fueled by a brief legal development.

On April 16th, the WazirX native token began a steady climb. By the morning of April 17th, it had increased by nearly 18% over a 17-hour period. This wasn't a dramatic spike, but rather a consistent rise punctuated by minor pullbacks and unusually high trading activity.

The token is currently up approximately 3% in the last 24 hours, trading at $0.02386. 24-hour trading volume has surged over 230%, exceeding $104,000. Its market capitalization stands at $9.1 million.

This unexpected rally was triggered by a Supreme Court hearing. On Wednesday, the court dismissed a criminal writ petition filed by WazirX users seeking action against co-founder Nischal Shetty and the exchange's leadership. However, the court deemed itself an inappropriate forum for the case, directing the users to seek recourse from the Union of India or other relevant authorities.

"The Supreme Court has refused to entertain the plea… they’ve given us liberty to approach other appropriate forums," stated Priyanka Prakash, the advocate representing the affected users. No further legal steps have been announced.

The market, however, reacted swiftly. Traders interpreted the dismissal as a positive development, potentially signaling a decrease in legal pressure on WazirX. Regardless of the accuracy of this interpretation, the price action is undeniable.

WRX had not experienced a significant price increase in months, not since a July 2024 hack eroded user confidence and resulted in frozen funds. This recent movement suggests a tentative revival for the token.

While the legal case is far from concluded, its redirection has, for now, made WRX a more interesting asset to observe.