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XLM, amidst the steady trajectory of Bitcoin, has taken centre stage with an impressive surge in market value, surpassing its altcoin counterparts. In a mere 24 hours, XLM experienced a remarkable uptick of nearly 12%. This exceptional growth can be attributed to a compelling research report unveiled by the Stellar Foundation, shedding light on the extensive network of off-ramps supporting the cryptocurrency.
The report emphasizes that Stellar’s USDC, a stablecoin operating on the Stellar blockchain, boasts an unparalleled number of cash off-ramps, with an astonishing count of 322,000 locations. In contrast, Bitcoin, the second-most supported asset in terms of cash off-ramps, cannot match this level. Stellar’s native asset, XLM, is equally impressive, offering accessibility in over 26,221 locations.
$XLM Stellar (XLM-USD) is number one in terms of fiat off-ramp locations. BTC leads the pack for on-ramp locations, but Stellar takes the second spot & when it comes to off-ramps, Stellar eclipses even BTC’s 100,000 off-ramp locations with its 320,000 global locations. It is… pic.twitter.com/5Yt9HNDfpm
— Max of Crypto Talk Now on YT & DPGmaximus on YT (@DPGmaximus) July 30, 2023
Esteemed market experts, including Christopher Newhouse, contend that the increasing real-world adoption of Stellar and its narrative of prominence have played a pivotal role in driving this surge. Investors and enthusiasts perceive XLM as one of the most interconnected and integrated options for USDC cash off-ramps, sparking a wave of interest and investment in Stellar Lumens.
As Stellar Lumens continues to shine with its exceptional performance, other tokens within the digital asset landscape present mixed performances. While Chainlink (LINK) experiences a notable 6% increase and Solana (SOL) rises by 3%, certain top metaverse and gaming tokens such as SAND and AXS endure losses. The crypto market’s response to the Federal Reserve’s interest rate hike has surprisingly been rather placid, underscoring a newfound level of maturity and stability in the industry.
Amidst this variety in performances, Stellar Lumens’ extraordinary ascent, driven by its off-ramp accessibility, bears witness to a noteworthy trend: a growing embrace of cryptocurrencies in the real world. At the forefront of this movement stands Stellar Lumens, radiating as a rising star in the crypto market.
Key Levels to Monitor on XLM
Key Levels to Monitor on XLMThe XLMUSD price has consistently showcased an upward trend since the bullish break of structure in July. During this bullish run, the Moving Average Period has played a vital role in providing support, with the Moving Average Period 21 confirming the bullish trend’s presence. Currently, the Relative Strength Index (RSI) indicates a deviation from the overbought region, signaling an ongoing pullback towards the fair value gap above the last swing low.
XLM Key Levels
Supply Levels: $0.160, $0.170, $0.170
Demand Levels: $0.140, $0.130, $0.110
Total Market Cap: $1.2T
XLM Market Cap: $4B
Stellar Market Volume: $184M
XLM Market Rank: 19
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