XLM’s Stellar Week: Doubling in Value, What’s Behind the Explosive Growth?
- XLM’s surge influenced by Ripple’s XRP price increase, both adhere to ISO 20022, boosting cross-border payment efficiency.
- Institutional investments enhance Stellar’s profile; Franklin Templeton manages $1.7 billion through Stellar, increasing ecosystem trust.
Stellar (XLM) has recently demonstrated a good upsurge, outperforming its peers with over a 100% increase in the past week, positioning it 13th in market capitalization among cryptocurrencies. This rise has been catalyzed partly by a surge in XRP, another crypto focused on swift and cost-effective cross-border payments.
Both XLM and XRP conform to the ISO 20022 standard, enhancing their integration into the global financial ecosystem and spotlighting them as key players in future payment systems.
Source: CoinmarketcapThe noticeable uptick in XLM’s price , which recently peaked at $0.62, has reignited market interest, although it remains below its all-time high of $0.90 from 2018.
Notably, Stellar’s fundamentals extend beyond its association with Ripple’s XRP , with institutional interest adding a bullish pressure to its market value.
Companies such as Mastercard and Franklin Templeton have incorporated Stellar into their operations, with Franklin Templeton managing assets over $1.7 billion via Stellar’s network.
Moreover, the investment management firm Grayscale has highlighted Stellar’s potential through its Grayscale Stellar Lumens Trust.
Despite a slight decrease in XLM’s price from $0.11 to $0.10, as reported in the latest 10-k form filed with the SEC, the trust’s assets saw a 28% increase, underlining a growing confidence in Stellar’s long-term viability.
The addition of 34 million tokens to the trust and the issuance of 20,100 new shares illustrate an expanding interest and investment in XLM , potentially leading to increased liquidity and a higher asset price.
Stellar (XLM) is currently trading at $0.4863 USD, reflecting a 10.92% gain in the last 24 hours. Over the past week, XLM has skyrocketed by 109.47%, with monthly growth at an astounding 415.66%. This demonstrates strong bullish momentum and increased market interest. Year-to-date, XLM has risen by 276.10%, and in the last year, it has surged by 316.74%.
Key Metrics:
- Market Capitalization: $14.60 billion USD
- 24-hour Trading Volume: $4.39 billion USD
- All-Time High: $0.9309 USD
- Support Level: $0.45 USD, critical for maintaining the current uptrend.
- Resistance Levels: $0.50 USD and $0.60 USD.
Technical Overview:
XLM has shown strong bullish activity, likely fueled by increased adoption and interest in its blockchain as a financial bridge for global transactions.
Source: TradingviewHowever, recent data suggests a decline in open interest, signaling reduced speculative activity. Analysts warn of potential pullbacks toward the $0.45 or even $0.28 levels, with a key support area at $0.22 USD.
Descargo de responsabilidad: El contenido de este artículo refleja únicamente la opinión del autor y no representa en modo alguno a la plataforma. Este artículo no se pretende servir de referencia para tomar decisiones de inversión.
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