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Stellar (XLM) has recorded a significant 9% leap in price to climb past two key resistance levels. According to CoinMarketCap data, this took the price of XLM to a high of $0.3539 within the last 24 hours.
Stellar rallies amid renewed investor interest
XLM experienced a spike from the $0.3279 level to its current market price. Simultaneously, its trading volume has witnessed an uptick of 14.08% to $380.55 million within the same time frame. This shift comes as investors renew interest in the asset, anticipating further growth.
This recent price movement of XLM remains significant given that, in the last seven days, it had plunged to a low of $0.3042. The token has posted a rebound move supported by broader market sentiment and expectations.
Gamza KhanzadaevAnalysts say that although XLM remains below the $0.464 level, where it traded at about 30 days ago, the asset is on a price recovery path.
Meanwhile, its rival, XRP, is currently up by 11.95% at $2.74 in the last 24 hours. This increased growth for XRP is largely triggered by the buzz in the broader crypto ecosystem about possible exchange-traded fund (ETF) approval for the coin.
Notably, Grayscale has filed for a spot ETF XRP, and many in the sector anticipate it will sail through under the new U.S. administration. Besides Grayscale, other asset managers like Bitwise and CoinShares are also pushing for similar products.
Despite these bullish sentiments around XRP, market observers argue that if investor sentiment is sustained on XLM, it could catch up with XRP’s short and midterm growth trend.
Market cap and growing TVL strengthen XLM’s position
Godfrey BenjaminInterestingly, XLM’s total value locked (TVL) recently rose significantly, signaling growing investor confidence in Stellar’s network. Financial experts insist that if XLM’s TVL can rise and align with the trading volume while sustaining momentum, a price surge remains inevitable for the coin.
XLM has shown its potential to grow, as seen with its flipping of Litecoin in terms of market capitalization recently. Despite the ETF hype surrounding Litecoin, XLM has displaced it and now ranks 13th against Litecoin in 15th place.
Gamza Khanzadaev
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov