XDC Token Breaks Out With 5% Spike While Bitcoin, Dogecoin Retreat — What's Driving It?

XDC Network (CRYPTO: XDC) rallied sharply on Monday, defying the broader market lag that restricted heavyweights like Bitcoin (CRYPTO: BTC) and Dogecoin (CRYPTO: DOGE).

What happened: The XDC token jumped over 5% to become the most successful cryptocurrency in the last 24 hours, while the trading volume spiked nearly 24% to $30 million. The uptick pushed XDC to its highest value since June 12.

In doing so, XDC bucked the downsides of the broader cryptocurrency market. Bitcoin, the market leader, declined 1.35% during the last 24 hours, while Dogecoin fell 2.09%.

While there were no immediate triggers, the XDC Network's recent partnership with Archax to develop a Markets in Crypto-Assets-compliant whitepaper to align with the EU's crypto market laws served as a supporting factor.

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Meanwhile, the Moving Average Convergence Divergence indicator, which compares two exponential moving averages of price, flashed a "Buy" signal for XDC, according to TradingView. The Relative Strength Index, on the other hand, was "Neutral" as of this writing.

Launched in 2019, the XDC Network is a Layer-1 blockchain developed to support trade finance and the tokenization of real-world assets.

Price Action:  At the time of writing, XDC was exchanging hands at $0.06642, up 5.02% in the last 24 hours, according to data from Benzinga Pro. In the past week, it gained over 12%.

Photo Courtesy: alfernec on Shutterstock.com

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