Is Loopring (LRC) a good buy in November 2021?



Loopring LRC/USD has advanced from $0.36 to $0.58 since the beginning of October 2021, and the current price stands at $0.53. Loopring can process thousands of requests off-chain, and it has the most secure scaling mechanism in the industry.

Payment protocol

Loopring is an open-sourced non-custodial exchange and payment protocol that allows low-cost trading and payment on Ethereum. The vision of this project is to build products for the future of finance with the security and sovereignty of user assets.

Loopring has succeeded in proving that non-custodial technology can replicate custodial alternatives in speed and achieve transaction costs that are small fractions compared to on-chain costs.

Loopring can process thousands of requests off-chain with verifiably correct execution, and it is important to say that assets are always under users’ own control.

According to its official website, Loopring has the most secure scaling mechanism in the industry that does not rely on any external validators, consensus, or crypto-economic assumptions. Because of this, exchange and payment applications cannot be poor.

The team of Loopring continues to grow, and it has 30 full-time members currently, twenty-three of which are engineers. Loopring founder Daniel Wang said:

While we will continue to operate and innovate across the stack, the whole team has been dedicated to building the best possible products, and their efforts will be coming to a head very soon. The upcoming months will bring many exciting upgrades that we believe will catapult Loopring into its next growth stage.

LRC is the Loopring protocol token that incentivizes protocol-desirable behavior from liquidity providers, insurers, and DAO governors. Loopring is a very promising project, and the price of LRC could advance again at levels that we saw in May 2021.

Current resistance stands at $0.60

Technically looking, Loopring (LRC) remains in a buy zone; still, if you decide to buy this cryptocurrency in November 2021, you should use a “stop-loss” order because the risk remains high.


Data source: tradingview.com

LRC is currently trading below its recent highs, but if the price jumps above $0.60 resistance, it will signal to trade LRC. The next price target could be around $0.70 or even above; still, if the price falls below $0.40 support, it would be a strong “sell” signal.

Summary

Loopring is an open-sourced non-custodial exchange and payment protocol that allows low-cost trading and payment on Ethereum. Loopring deployed the first zkRollup protocol on Ethereum that achieves 2,025 trades per second and has a cost per transaction of as little as 1/100th the cost of Ethereum.


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