Swipe (SXP) price prediction: Will SXP token revive?
The bright start to May for SXP, the coin of the Solar Network, a layer 1 blockchain, has come to an abrupt and savage end as it drops 12% today (6 May) to $0.95.
April was not kind as it saw 46% wiped off the coin's value but then in the first few days of May it bounced back 18% before today's rude, painful suprise.
Today, though, has not been a good day for cryptocurrencies across the board with an 8% drop in the sector and notable falls including bitcoin (BTC) down 8%, Avalanche (AVAX) down 13%, Solano (SOL) down 10%, Polkadot (DOT) down 10% and Ethereum (ETH) down 7%.
Under its launch plan Swipe was rebranded as SXP to "ensure SXP is a standalone decentralised digital asset". Swipe was acquired by the exchange company Binance in 2020 and to prepare for the chain merger of Binance Chain and Ethereum for SXP, both the total and circulating supplies for the existing tokens will be included in the new data for the Solar Network. No new tokens are being produced to avoid any inflationary pressure.
SXP had climbed to its all-time high of $5.86 on 3 May 2021, according to CoinMarketCap, but its performance has been largely bearish since then.
Can swipe (SXP) regain some positive momentum in 2022 and beyond?
This article will explore the project’s fundamentals, look at the latest developments and up to date SXP price predictions and analysis to get a clearer view of a plausible SXP target price.
What is Swipe (SXP) and how does it work?
Swipe is a card-issuing API platform that allows businesses to generate cryptocurrency-linked debit cards. In addition, Swipe links payment networks to digital asset exchanges, providing seamless payment card experiences.
Moreover, its broad API endpoint library provides users with access to over 70 million locations and over 135 fiat currencies on demand, all driven by SXP tokens as service payment.
According to its white paper, Swipe-enabled cards provide unique security measures to safeguard cardholders. For instance, Swipe enables issuing parties to implement a lock feature to lock and unlock their cards swiftly.
There is a special reporting API for when a user's card has been stolen or misplaced. It allows users to block the card and start an investigation into any suspicious transactions.
Swipe also enables the conversion of cryptocurrencies, non-fungible tokens (NFTs) and other digital assets to fiat, using its native real-time conversion layer.
Binance acquired Swipe in 2020 and now supports the Binance Card, a debit card allowing users to spend crypto assets at physical locations.
SXP is the native token of the Swipe Network and serves the following use cases:
Payments: SXP is used to pay for various services, such as card issue fees and transaction fees associated with using the card at multiple locations.
Discounts: Swipe Issuing Premium services leverage SXP to discount transaction costs, set-up fees, and processing fees.
Governance and staking: SXP is used as a governance token to vote on protocol improvements and upgrades, and users can also stake their tokens to gain staking rewards.
Multi-chain: SXP is a multi-chain cryptocurrency accessible on Ethereum, the Binance Chain and the Binance Smart Chain.
Swipe (SXP) news and price drivers
The project has undergone a number of significant milestones and developments, which may drive the SXP token price.
Acquisition by Binance
In July 2020, Binance, the world’s largest cryptocurrency exchange by trading volume, announced the acquisition of Swipe for an undisclosed amount.
Swipe listed BNB (Binance network’s native coin) on its platform due to this acquisition, enabling users to purchase and sell BNB using their associated bank accounts, and making BNB spendable in over 50 million places globally using the Swipe Visa Debit Card.
#Binance Announces Acquisition of @SwipeWallet and Lists Swipe $SXPhttps://t.co/MaZsfiggQo pic.twitter.com/ixSVCdXDgg
— Binance (@binance) July 7, 2020
Launch of Ignition
Swipe launched Ignition in November 2020, a platform for new projects to raise financing in SXP through an Initial Wallet Offering (IWO).
It was created to enable new ventures to acquire cash and be featured on the Swipe Wallet app, which provides rapid liquidity and payment access to users worldwide.
Acquisition of Spend.com
In March 2021, the Swipe network announced the acquisition of Spend.com, a crypto payment service, to speed up the construction of its crypto-fiat infrastructure.
Swipe linked Spend.com's technological stack to SwipeX (Swipe's cryptocurrency exchange platform) as part of this acquisition, to accelerate Swipe white label banking and card-issuing services in selected countries globally.
Departure of CEO and rebranding as Solar Network
In December 2021, Swipe founder and CEO Joselito Lizarondo announced his resignation after Binance purchased the network’s remaining shares.
While he is no longer closely associated with the project, he has stated his plan to acquire $10m worth of SXP, which will enable him to stake on the blockchain and play a significant role in governance.
The Swipe blockchain (formerly known as Swipechain) has been renamed Solar, a fully decentralised and energy-efficient blockchain, in the wake of the company’s purchase by Binance and the resignation of its CEO.
Solar will use the native SXP token to pay for blockchain fees and staking, and protocol governance. The Solar Mainnet will debut in early 2022, including pre-launch exchange support.
Swipe is thrilled to announce the rebrand of #Swipechain to Solar. Follow @SolarNetwork for more details. https://t.co/vpREuC8j8u pic.twitter.com/ccahzY2DTr
— Swipe (@Swipeio) December 30, 2021
SXP/USD price analysis
According to CoinMarketCap, SXP has returned a ROI of 374% since its inception and placed itself as a rewarding DeFi token.
Based on the earliest available price chart data from 2019, the SXP token spiked more than 817%, from $0.23 on 27 August to $2.11 on 20 October. However, once the rally ended, the price declined 51% to $1.03 on 17 December. It closed the year at $1.19 as of 31 December 2019.
The SXP token was bullish at the onset of 2020 and reached a high of $2.04 on 28 January. However, the price declined to $1.01 on 26 February and further bottomed to its all-time low of $0.16 on 18 March, a massive decrease of more than 92%.
The bull rally resumed once again, and the SXP token reached $2.007 on 24 July and further peaked to $4.34 on 13 August, a significant rise of 2,612% from the March bottom. But the SXP token’s price then crashed once again, and it fell to $0.76 on 3 November and further bottomed to $0.62 on 23 December. It closed the year at $0.74 as of 31 December 2020.
The SXP started 2021 in a bullish trend, and reached an all-time high price of $5.86 on 3 May. Soon the price reversed and the SXP token bottomed to $1.43 on 20 July, a slump of more than 75% from the all-time high. It closed the year at $2.03.
SXP token experienced a short spike and its price reached $2.31 on 2 January 2022. However, the rally failed to sustain, and it fell to a 30-day low of $1.13 on 24 January. At time of writing (6 May), SXP was trading at $0.93, with a market capitalisation of $453m ranking it 121st in the list of cryptos by market capitalisation.
Swipe (SXP) price prediction: Targets for 2022, 2023, 2025 and 2030
The short-term SXP coin forecast from CoinCodex was bearish, with three indicators giving bullish signals and 27 bearish signals as of 6 May 2022.
The daily and weekly simple moving averages (SMAs) and exponential moving averages (EMAs), the Hull moving average (HMA), the average directional index (ADX), and the volume-weighted moving averages (VWMA) were all giving ‘sell’ signals.
Meanwhile the Williams percent range, the stochastic fast, and the relative strength index (RSI) were bullish
In its short term SXP coin price prediction, CoinCodex reckoned it could increase by 2% to reach $0.97 by 11 May.
Meanwhile, several algorithm-based forecasting services shared bullish long-term swipe price predictions as of 6 May:
Wallet Investor estimated the average price of SXP to reach $1.9 in 12 months' time. Its five-year SXP/USD projection suggested it could drop to $0.036 in 2027.
According to Digital Coin's SXP prediction was the price could hit an average of $1.23 in 2022, $1.4 in 2023, $1.9 in 2025, and $4.3 in 2030.
Similarly, Price Prediction believed the average price of SXP could be $1.72 in 2022, $5.72 in 2025, and as high as $34 in 2030.
When looking for swipe crypto price predictions, bear in mind that analysts and algorithm-based projections can be wrong. Their swipe predictions are based on fundamental and technical studies of a cryptocurrency’s past performance. Past performance is no guarantee of future results.
It’s important to do your research and always remember your decision to invest in SXP or any other coin depends on your attitude to risk, your expertise in the market, the spread of your investment portfolio, and how comfortable you feel about losing money. You should never invest any money that you cannot afford to lose.
FAQs
Is SXP coin a good investment?
Swipe has found its place in the crypto payments landscape. Its acquisition by Binance in 2020 helped to increase Swipe adoption with the access to Binance's massive user base.
Whether the SXP token is a good fit for your investment portfolio, however, depends on your circumstances and risk tolerance. You should consider the level of risk you are ready to take before investing. And never invest any money that you cannot afford to lose.
Will SXP price go up or down?
As of 6 May, several algorithmic forecasting tools, including Digital Coin, and Price Prediction, were bullish on swipe coin price projections over the next few years.
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