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Stellar’s native token, XLM, a major rival to the Ripple Labs-linked XRP, has surged over 12% in its trading volume. Market participants now wonder if the coin’s price will follow the same upward movement.
Investors shift attention to Stellar
The increase in XLM’s daily trading volume suggests rising investor activity on the Stellar network. Within the last 24 hours, the coin’s trading volume surged to $324 million, according to data from CoinMarketCap.
Gamza KhanzadaevThe spike in trading suggests that XLM is in a consolidation phase, and therefore, the price is expected to regain its positive momentum soon. XLM's price was trading at $0.30, with the market cap pegged at $9.2 billion. Notably, XLM’s decline mirrors a broader market struggle, with Bitcoin (BTC) down 2.1% on the daily chart.
Likewise, the price of XRP decreased by 1.9% over the previous day, trading at $2.54. Like XLM, investors' activity in XRP has increased substantially, surging by 40.25%. It is important to note that XLM and XRP usually mirror each other's movement.
However, the value of XLM increased by 18% over the weekend, outpacing XRP’s 12% rally. The 18% rally pushed Stellar from a low of $0.252 to an intraday high of $0.3086.
Stellar’s roller coaster movement
Stellar rebounded from lows of $0.252 on Feb. 28, rising for three consecutive days to a high of $0.375 on March 2. Shortly after this surge, XLM fell back to the $0.30 level before finding its feet again.
Godfrey BenjaminBy March 5, XLM regained traction alongside a broader market rally, gaining over 9% in 24 hours.
Right now, traders are watching key resistance levels to see if XLM can sustain its gains. The digital asset trades between its moving averages of 50 and 200, at $0.305 and $0.258. Crypto analyst Ali Martinez has forecast a 300% bull rally for XLM if it breaks out from a symmetrical triangle pattern.
Vladislav Sopov
Dan Burgin