Stellar (XLM) has registered a surprise surge, catapulting itself into the forefront of the crypto market frenzy. Beginning July 18, this surge has taken the digital asset on a solid price rally, propelling its value to new heights.
Currently, XLM is trading at $0.1617, representing a 22.1% increase over the past 24 hours. Even more remarkable is its exceptional performance over the previous week, which has soared by 68.8%, and dominating the top 100 roster of cryptocurrencies.
Source: Coingecko
Now, the question on everyone’s mind is: What is driving this surge?
XLM Makes Waves: Catalysts For Price Surge
XLM’s remarkable ascent is primarily attributed to a significant development in the crypto space – Ripple Labs’s legal victory against the US Securities and Exchange Commission (SEC) – and the solid performance of XRP, which has likewise registered an impressive 72.3% climb at the time of writing.
A judge ruled that Ripple did not violate securities regulations when it sold its XRP token on public exchanges. This verdict sent XRP prices soaring and created a ripple effect (no pun intended), propelling other altcoins, including XLM and even Bitcoin (BTC), to surge in value.
XLM market cap currently at $4.5 billion on the daily chart: TradingView.com
Meanwhile, crypto exchange Coinbase has fully embraced the Stellar network, enabling seamless deposits and withdrawals of USD Coin (USDC). This integration bolstered Stellar’s status and expanded its reach, attracting more interest and investment to the platform.
XLM seven-day price action. Source: CoinMarketCap
Despite the initial upswing following US Judge Analisa Torres’ favorable verdict for the Ripple coin, XLM was unable to retest its previous week’s highs at $0.20. But it looks like the bulls are still in charge, as XLM trade volumes are relatively high. CoinGecko reports that within the past 24 hours, almost $700 million worth of XLM has traded hands on key exchanges.
What Lies Ahead For Stellar XLM?
As the crypto market continues to evolve, all eyes are on XLM to see if it can sustain its current momentum. With the legal challenges surrounding Ripple and its XRP token seeing full closure, investors may view Stellar as a more stable alternative for their digital assets portfolio.
Traders should closely monitor the price movement and whether XLM can break past the significant resistance level at $0.20.
350 million people in Africa don’t have access to bank accounts, and only 20% of families have formal bank accounts.@fonbnk1 provides a real-world solution to this problem by turning 8 billion active prepaid SIM cards globally into virtual debit cards with Stellar. (1/3)
— Stellar (@StellarOrg) July 18, 2023
In related news, Stellar has just announced a partnership with Fonbnk to convert 8 billion active prepaid SIM cards into virtual debit cards. This development is anticipated to have a positive impact on XRP’s price over the coming weeks.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Pxfuel