WazirX’s native token WRX saw a sudden price spike of nearly 18% within 17 hours between April 16 and the early hours of April 17, following a pivotal development in a high-profile legal case. The Indian Supreme Court dismissed a criminal petition filed against the exchange’s leadership, injecting a dose of optimism into a market that had largely sidelined the token in recent months.
At the time of writing, WRX is trading at $0.02386, up around 3% on the 24-hour chart. Trading volume has surged over 230%, surpassing $104,000, while the token’s market capitalization now stands at approximately $9.1 million.
The rally appears to have been driven by the Supreme Court's decision to reject a writ petition filed by a group of WazirX users. The petition sought criminal proceedings against co-founder Nischal Shetty and other top executives over alleged misconduct. However, the bench declined to hear the case, stating that the matter should instead be taken to the Union of India or other appropriate legal forums.
“The Supreme Court has refused to entertain the plea… they’ve given us liberty to approach other appropriate forums,” said Priyanka Prakash, the legal representative for the petitioners. While this doesn’t mark a legal victory for WazirX, it effectively stalls direct judicial scrutiny from the highest court - at least for now.
Despite the lack of a formal acquittal or resolution, the market responded quickly. Traders interpreted the court's refusal to engage with the case as a potential reduction in legal risk for the exchange, which had been under a cloud since last year.
WRX’s rally is notable, given the token had been languishing without meaningful upward momentum since mid-2024. That period was marked by a major security breach in July 2024, which froze user withdrawals and led to a sharp erosion of trust in the platform.
The latest price action suggests that WRX is showing its first real signs of life since the incident. While the fundamentals of the exchange and its regulatory outlook remain uncertain, the market’s reaction underscores how sensitive token prices can be to legal and reputational shifts - especially in jurisdictions like India, where regulatory clarity around crypto remains murky.
It’s important to note that the legal battle isn’t over; the petitioners have been given the green light to approach other authorities. Still, the court’s dismissal is seen as a short-term win for WazirX’s leadership, buying them time and potentially cooling some of the negative sentiment that’s plagued the exchange.
The broader context also matters. India’s crypto industry continues to operate in a gray zone, awaiting more definitive regulatory frameworks. In such an environment, court decisions - even procedural ones - can move markets. For now, WRX is benefitting from that dynamic, with its latest bounce offering a rare moment of positive momentum.