Stellar Skyrockets 20% to Reach 15-Month High: Could XLM Replace XRP?

Posted on by admin
  • The Stellar (XLM) market has enjoyed a bullish outlook in the recent past following increased demand from both institutional and retail traders.
  • The Stellar (XLM) market has recorded a significant increase in daily traded volume, which stood at around $581 million in the last 24 hours, and its FDV to around $8.1 billion.
  • MoneyGram Access celebrated its 1st anniversary on the Stellar network after ditching Ripple due to legal proceedings, making experts believe that Stellar XLM could easily outperform Ripple XRP in cross-border payments.

Stellar Skyrockets by 20%

The Stellar network recently skyrocketed by 20%, reaching a 15-month high of $0.18 as demand for the digital asset surged from both institutional and retail traders.

Record Spike in TVL Fueled by XLM Trading Volume

The spike was further fueled by an increase in trading volume of XLM and the Total Value Locked (TVL), with more than $30 million now locked into DeFi protocols running on the Stellar blockchain. Stablecoins have also been increasing, reaching about $99 million with 24-hour traded volumes at around $3.93 million. The rising use of smart contracts has enabled developers to securely scale up their projects on the Stellar platform.

SEC vs Ripple Judgment Summary on XRP Sales

A judgment summary was released regarding SEC vs Ripple’s case on XRP sales, which gave XLM a bullish outlook as many investors shifted away from XRP towards XLM instead. After retracing back to find support at 12 cents, it rebounded back up to trade at about $0.163 as of Friday. The hourly 50 and 200 Moving Averages show that bulls have control over this market amid increased social discussion about it.

Coinbase Global Supports USD Coin Deposits & Withdrawals via The Stellar Network

Coinbase Global announced full support for deposits and withdrawals of Circle’s USD Coin via the Stellar network while MoneyGram Access celebrated its first anniversary after ditching Ripple due to legal proceedings – making experts believe that stellar could easily replace XRP for cross-border payments in the long run.

Conclusion