AXL Surges 11% on mXRP Launch - Is This the Trend Reversal Crypto Traders Have Been Waiting For?

AXL rockets double-digits as mXRP goes live—breaking a brutal multi-month downtrend that had investors sweating.

The Catalyst That Changed Everything

One announcement sends AXL soaring 11% in hours. The mXRP launch proves interoperability isn't just buzzword bingo—it's real value creation when executed properly.

Technical Breakout or Dead Cat Bounce?

Traders watch key resistance levels like hawks. This isn't just about price action—it's about protocol relevance in an increasingly crowded Layer-1 space. The move suggests institutional players might finally be paying attention beyond the usual Bitcoin-and-Ethereum cocktail circuit.

Market Psychology Shift

Eleven percent doesn't sound like much until you consider the psychological barrier it breaks. After months of sideways action, this surge smells different—like actual adoption rather than speculative hype. Though let's be real, in crypto, sometimes the only difference between a 'fundamental breakthrough' and a 'pump' is which Twitter influencer gets credit.

The Road Ahead

Can AXL sustain momentum? The mXRP integration demonstrates tangible utility, but reversing established trends requires more than one good day. It needs consistent volume, developer activity, and that elusive quality Wall Street still doesn't understand: actual usage.

At the same time, the Aroon indicator, which is often used to gauge trend direction and strength, shows the Aroon Down at 92.86% while the Aroon Up was at 0%. 

When Aroon Down hovers NEAR 100% and Aroon Up stays flat, it often reflects a market firmly in the grip of sellers, with little sign of an incoming reversal.

However, the Relative Strength Index reading was at 47, meaning the token was slightly oversold, a potential signal that bearish momentum could be slowing, especially if buying interest continues to build around the recent partnership news.

For AXL to break out of its multi-month downtrend, it WOULD need to reclaim key resistance levels starting at $0.32, where the 50-day moving average currently hovers.

Technical indicators for AXL may still favor the bears, but sentiment around the Axelar project itself appears to be improving, especially in light of its recent partnership.

On Sep. 22, mXRP, which is being touted as the first fully DeFi-composable XRP yield product, officially launched in collaboration with Axelar, Midas, and asset manager Hyperithm. mXRP will allow XRP holders to deploy mXRP across DeFi protocols to maximize earnings from their XRP holdings.

mXRP was developed using Aexlar as the interoperability protocol, and such a high-profile partnership is expected to boost its revenue generated from transaction fees and also add to the protocol’s credibility.

The buzz around the partnership has also led to a sharp increase in onchain activity on the Axelar network. According to data from Santiment, daily active addresses on the network have jumped over 85% over the past 24 hours.

In the background, whales are taking an interest in the token and have ramped up their holding, most likely to capitalize on the price dip, with AXL dipping over 16% from its 7-day high of $0.3465 the previous day. (See below.)

With the increased community chatter, especially around the mXRP launch and fresh interest from the XRP community, Axelar was also a trending topic on Google, which is often a sign of retail interest as well.

As such, once the broader crypto market stabilizes, AXL price may be able to recover from its recent downturn.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.