The price of XLM, the native token of Stellar Lumens, has witnessed a remarkable surge, reaching a 14-month high of $0.152. This surge comes as a result of Ripple’s recent victory in the SEC vs. Ripple lawsuit, where the Judge ruled that XRP was not a security and did not violate any securities laws when sold to the public, only when sold to institutional investors.
Following Ripple’s win, the price of XRP soared, triggering a domino effect across the cryptocurrency market. Notably, XLM experienced the most significant rally among altcoins. Stellar Lumens, similar to Ripple, is known for its low-cost cross-border transfer capabilities.
Exciting news for Stellar (XLM) enthusiasts! Following a 54% surge, XLM’s recent rally seems to be far from over. Find out how XRP’s victory played a significant role in boosting Stellar’s network and driving its price higher. Read more here: https://t.co/GJYZdYQ0NR
— DeFI Alliance DAO (@DeFiAlliance_) July 14, 2023
During intra-day trading on Thursday, XLM’s price skyrocketed by over 103%, reflecting the increased investor activity. The trading volume for XLM over the past 24 hours surged from its usual range of $40 million to $44 million to a staggering $982 million, marking a 2,034% increase in just one day.
Additionally, Stellar Lumens received a boost from being identified as a potential facilitator of the blockchain aspect of the FedNow Payment System. FedNow, developed by the Federal Reserve, aims to combine traditional banking with decentralized finance in an instant payment service. If Stellar Lumens is selected as the blockchain facilitator for FedNow, it is expected to further drive gains in XLM’s price.
Key Levels to Monitor for Stellar
The recent surge in XLM’s price indicates a bullish market trend. The Stochastic indicator shifted out of the oversold region, and the daily candles dominated the Moving Averages periods 9 and 21. However, a correction is expected before the price approaches the supply level of $0.240.
Key Levels for XLM
Demand Levels: $0.100, $0.080, $0.050
Supply Levels: $0.200, $0.160, $0.240
Market Data
- XLM Market Capitalization: $4 billion
- XLM Volume: $183M
- Market Rank: #20You can purchase Lucky Block here. Buy LBLOCKNote: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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