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Stellar (XLM) has posted massive gains in its price as the crypto market shifted gear. Known as a major rival to XRP, Stellar jumped by double digits in the last 24 hours. The breakout in price came as XRP gained regulatory clarity with the end of the Ripple v. SEC lawsuit.
XLM price, volume and RSI suggest bullish momentum
CoinMarketCap data shows that Stellar rose by 16% in the last seven days. This jump came as XRP also rallied after the news of the lawsuit. The development means that Stellar, which mirrors XRP, will not face such challenges in the future.
With the current outlook, XRP appears to have paved the way for XLM to thrive in the crypto space.
Stellar is likely to see increased interest from institutional players interested in its utility in cross-border payments. Such adoption could positively affect the price outlook of XLM and boost its competitiveness.
As of press time, Stellar is changing hands at $0.4594, up by 10.87% in the last 24 hours. The asset soared from a low of $0.4044 to hit an intraday peak of $0.4678 in its earlier trading session.
Following the positive outlook, investors in the community remain bullish. The trading volume has jumped 239.16% to $1.06 billion within the same time frame. The spike in volume might indicate that market participants could be anticipating a huge price surge.
According to Stellar’s Relative Strength Index (RSI), the figure stands at 62.86. This shows that XLM buyers still have room for some trading before the asset slips into overbought territory.
Visa integration adds long-term value to Stellar
With the massive gains that Stellar has recorded in the last 30 days, it could soar to $0.50 soon. Already, the technical setup of Stellar suggests if the current positive outlook continues, XLM could flip the price level.
Meanwhile, Stellar is now integrated into Visa’s stablecoin settlement platform. This could further boost the price of XLM with the adoption it might usher in.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team