- RedStone’s price rose 55% as 24-hour trading volume climbed to $418 million.
- The project’s token gained after Upbit announced trading support for RED.
- RED’s price could climb to $1 or find support around $0.50.
RedStone (RED), a prominent provider of decentralized finance oracle infrastructure, saw its price surge by 55% over a 24-hour period.
While the rally echoed a broader market uptick, RED’s gains accelerated after Upbit, South Korea’s largest crypto exchange, announced support for the token.
The September 5 announcement sparked excitement among traders and DeFi enthusiasts, pushing RedStone’s price above $0.78.
RedStone price jumps 55% after Upbit lists RED
RedStone’s price spiked to $0.78 on Friday following the Upbit listing.
Other platforms, such as Bithumb, also saw newly listed tokens post strong moves.
According to CoinMarketCap, RedStone climbed from low levels near $0.47 to $0.78, representing a notable 55% increase within 24 hours.
That surge was accompanied by trading volume reaching $418 million, an increase of more than 800% at the time of reporting.
The move followed Upbit’s official announcement that it would support RED/KRW trading, with markets opening at 17:00 KST.
RedStone’s team celebrated the listing via their X account, highlighting the availability of RED/KRW on Upbit.
The post also teased upcoming events in Seoul, including Korea Blockchain Week (KBW) and related gatherings like the Hyperliquid hackathon and XRP Seoul, signaling active engagement with the crypto community.
That visibility bolstered trader confidence in RED, particularly given South Korea’s reputation for high retail trading activity.
RedStone price outlook
RedStone provides modular oracle infrastructure for DeFi protocols and secures over $10 billion in assets, aligning well with Upbit’s focus on innovative blockchain projects—another factor behind the price rise.
Recently, RedStone acquired DeFi risk assessment provider Credora, a move that supports the platform’s expansion efforts.
Commenting on the acquisition, RedStone said via X that the deal “brings TradFi-grade risk assessment to DeFi. It positions RedStone to play a role in decentralized markets similar to what S&P or Moody’s have long provided in traditional finance, offering a reliable framework to understand and price risk.”
The 55% increase also reflects wider market dynamics, with protocols such as Compound, Lido and Pendle posting gains alongside RED.
Despite the bullish trend, September’s history as a challenging month for crypto assets like Bitcoin could introduce short-term volatility.
Analysts note that sustaining the current momentum will depend on RedStone’s ability to leverage Upbit’s listing and deliver on its event-driven roadmap.
For now, RED needs to hold above $0.60 to maintain upside momentum.
Conversely, failure to hold support could see the token retrace toward $0.50 or lower.