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XRP Victory Boosts Stellar (XLM) by 54%, More to Come

Fri, 07/14/2023 - 10:03
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Tomiwabold Olajide
Stellar network smashes big milestone amid price increase
XRP Victory Boosts Stellar (XLM) by 54%, More to Come
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Stellar (XLM) is riding on the positive sentiment brought about by Ripple's win in the SEC lawsuit. XLM has gained a massive 54% in the last 24 hours and currently trades at $0.148. The cryptocurrency is likewise up 55% on a seven-day basis.

On July 13, Judge Analisa Torres largely sided with Ripple in a lawsuit filed by the Securities and Exchange Commission (SEC) in December 2020.

Judge Torres has given summary judgment in favor of Ripple Labs, ruling that the XRP token is not a security, according to documents filed on July 13.

Ripple Rival Stellar (XLM) Benefits from XRP's Recent Run with 17% Weekly Gains

In the wake of the news, XRP increased by a startling 72% in just 24 hours and its market value skyrocketed, propelling it to fourth place.

Stellar network smashes big milestone

Tomer Weller, a Stellar developer, made it known on Twitter that Soroban Preview Release 10 is now live on Futurenet.

Soroban is a Rust-based smart contract platform designed for scale and sensibility. Currently live on the test network dubbed Futurenet, Soroban integrates with and works alongside the existing Stellar blockchain.

Weller cites three reasons why this is a major milestone. First, after 15 months of intense design iterations and public discourse, Soroban v1 is now feature complete. Although development is still ongoing as regards the mainnet launch, Soroban is now stable, and users do not need to worry about breaking changes.

XLM Spikes 10% as Stellar CEO Is Set to Testify at Full Committee Hearing

Second, the Soroban smart contract platform tackles Ledger bloat, a big hurdle for long-term blockchain sustainability and decentralization. Third, Soroban's state expiration system ensures that only the most important data takes up precious ledger space while allowing for restoration.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.