The closely followed altcoin project Swipe (SXP) rose 30% after the statements of the leading cryptocurrency exchange Binance. Binance announced in the announcement that it will also buy the remainder of the Swipe shares it bought in the summer of 2020. The altcoin project, which aims to build a bridge between fiat and cryptocurrencies, rose from the $ 1.5 region to the $ 2 resistance after the announcement. Let’s take a look at the developments and the latest status of the SXP price.
Binance raises Swipe shares
According to the stock market’s official announcement during the day, the remaining shares of Swipe will be purchased after the summer of 2020. To recall, in July 2020, Binance bought most of its shares in an attempt to popularize Swipe, which bridges the gap between fiat and cryptocurrencies. Binance shares the following about the altcoin project in the announcement:
- Binance and Swipe are working with regulated and licensed entities to issue Visa cards.
- Swipe acts as Binance’s card program manager and technology platform.
- Swipe also works with strategic partners to issue cards in permitted regions and markets.
The announcement states that Swipe CEO Joselito Lizarondo will resign and leave Binance after the completion of the acquisition of the remaining outstanding shares.
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Swipe (SXP), bullish for minutes
Following the announcement, SXP price recorded two hourly candles reaching the 20% above. The altcoin project is trading 67.58% below its $5.86 ATH on May 3. According to Coinecko data, SXP recorded a local top of $1.99 on the day. It is currently trading at $1.88, correcting 8%.
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