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Stellar (XLM) has witnessed a similar dazzling price rise in recent days to XRP and many other cryptocurrencies.
The cryptocurrency market experienced a notable surge as news broke of Ripple’s triumph in the long-standing legal battle against the US Securities and Exchange Commission (SEC). The court’s ruling that XRP is not a security brought immense joy to the crypto community.
Judge Annalisa Torres of the US District Court for the Southern District of New York’s verdict favored Ripple, which substantially boosted confidence among investors. As a result, the price of XLM, a fork of Ripple, skyrocketed by an impressive 42% within just seven days.
The live Stellar price currently stands at $0.139111, accompanied by a remarkable 24-hour trading volume surpassing $321 million. Stellar has surged by 9.56% in the last 24 hours alone.
This positive momentum has elevated Stellar’s position in the market, securing the #21 spot with a live market cap exceeding $3.7 billion. The crypto landscape remains dynamic, driven by such pivotal legal outcomes and demonstrating the profound impact they can have on the digital asset ecosystem.
Chart of XLM Showing Notable Price Movement
The price of XLM has been rapidly increasing lately, as shown in the chart above.
After finding support at the previous level, where a double bottom pattern had formed on June 20, the price of XLM experienced a rapid surge, breaking through the resistant range. The breakout, however, was soon followed by a brief pullback as the price traded within a range.
But a game-changing catalyst came from Ripple’s triumph over the SEC, triggering a sudden price rally for XLM. This significant announcement propelled the price past key resistance levels, reaching as high as $0.1962, a peak not witnessed since April 2022. Looking ahead, the future trajectory of XLM’s price largely depends on its trade volume and overall market sentiment.
If trade volume continues to rise alongside positive sentiment, there is potential for new price levels to be reached in the upcoming weeks. Conversely, a drop in trade volume and an increase in bearish activities could lead to a retest of the previous flip zone at $0.11679. Traders and investors will closely monitor these factors to gauge the potential direction of XLM’s price movement.
Price Action Indicators for XLM
Based on the chart analysis, the asset in question seems to exhibit several indicators that traders should note. The asset’s current position above the upper Bollinger Bands suggests its price is relatively high compared to historical volatility, potentially indicating an overbought situation. This could signal an upcoming price correction or a reversal in the asset’s trajectory.
On the other hand, the Moving Average Convergence Divergence (MACD) above the signal line indicates a bullish momentum in the asset’s price trend. Such a scenario often indicates that the short-term moving average is higher than the longer-term moving average, indicating a possible upward price movement.
Additionally, the Relative Strength Index (RSI) sitting at 71 implies bullish pressure on the asset, signaling substantial recent price gains that might be considered overbought in the short term. As a result, traders are advised to exercise caution as a potential price correction, or pullback may be on the horizon.
Stellar Price Forecast by Experts
According to expert predictions from Digitalcoinprice, Stellar (XLM) is expected to experience a significant increase in value, rising by an impressive 235.15%. By 2025, Stellar’s forecasted price is projected to reach $0.51. The current market sentiment is reported as bullish, indicating positive momentum. However, it’s worth noting that the Fear & Greed Index currently stands at 45.68, indicating extreme fear in the market.
Despite this, many experts still believe buying Stellar is a favorable time.
Crypto news also forecasts Stellar Lumens optimistically. By the end of 2023, Stellar is expected to touch an average price of $0.140, continuing its upward trend.
The projected high for 2023 is around $0.198, while the low may be around $0.0817. Moving into 2024, Stellar’s value may hit an average of $0.205.
The Stellar price analysis further reinforces the potential growth of the cryptocurrency. It suggests that Stellar can reach a maximum price of $0.242, indicating further room for growth. On the other hand, the minimum price is predicted to be around $0.168, offering some stability.
Based on these predictions and analysis, Stellar appears to have a promising future in the crypto market, making it an attractive investment option for those looking to capitalize on potential gains. However, as with any investment, conducting thorough research and considering individual risk tolerance before making financial decisions is essential.
Stellar Ecosystem Development Recently
The cryptocurrency XLM has been experiencing bullish momentum, fueled by recent ecosystem developments that have garnered significant attention and interest. Circle founder Jeremy’s announcement further propelled XLM’s upward trajectory as its innovative payment and remittance solution gained popularity.
Stellar’s partnerships with MoneyGram and the HoneyCoin app enable global digital asset cash-out with USDC across several African and UK markets, providing an efficient solution for users in Nigeria, Ghana, Tanzania, Kenya, Uganda, and the UK. Another impactful collaboration with Fonbnk aims to extend payment solutions to the unbanked population in Africa, addressing a critical issue in the region.
As millions of Africans lack access to traditional banking services, Stellar’s initiatives can potentially introduce more individuals to the digital finance landscape, fostering cryptocurrency and Blockchain adoption while promoting financial inclusion. Furthermore, integrating Stellar across various chains, including Ethereum, Solana, Celo, and Polygon, through Allbridge’s interoperability and bridge solution
showcases the token’s utility. It provides innovative decentralized finance opportunities.
XLM’s recent surge in price could also be attributed to the positive sentiment following the resolution of the SEC/Ripple lawsuit, as XLM shares similarities with XRP.
This close relative recently emerged victorious in the legal battle. These combined factors have contributed to XLM’s remarkable performance over the past seven days, making it an exciting cryptocurrency asset.
Longevity Assurance: Stellar Value Propositions
Stellar (XLM) stands as a pioneering peer-to-peer (P2P) decentralized network, brought into existence in 2014 by the esteemed Stellar Development Foundation, also known as Stellar.org. The network’s launch in 2015 marked a pivotal moment in the quest to unite the world’s financial systems under a standard protocol. This benefitted payment providers and institutions alike.
Stellar is engineered to facilitate swift and cost-effective financial resource movement across its network. Stellar empowers its users to create, send, and trade various cryptocurrencies effortlessly by forging connections between individuals, banks, and payment processors.
The backbone of this efficient network lies in its native digital currency – XLM or Lumens – which serves as an intermediary currency for transactions, taking care of payment of transaction fees. The ingenious protocol converts money into XLM seconds before seamlessly transitioning it into the desired currency, ensuring seamless and efficient cross-border transactions.
A new low-cap asset is exploding: Thug Life ($THUG)
Thug Life ($THUG) is an ambitious crypto project that seeks to maximize profits for its investors and aims to serve as a compensation mechanism for those who have fallen victim to scam crypto schemes.
Embracing the thug lifestyle and hip-hop culture, Thug Life has established a tight-knit community known as the Brotherhood, which rallies behind the cause. Setting itself apart from other scam projects, Thug Life positions itself as the social meme coin, appealing to crypto enthusiasts far and wide.
To achieve its objectives, the project’s creators devised the utility token $THUG, symbolizing internet comedy, memes, trolling, and an unwavering drive for online success. The team boldly presents Thug Life as a disruptive force in the crypto market, challenging norms, and existing systems.
They proudly proclaim themselves to be the gangstas of the crypto space, unafraid to venture into unconventional territory.
Despite not having a defined utility, the creators are confident in the strength and determination of the Thug Life family. They firmly believe that together, through collective effort and unwavering determination, the token will thrive and break barriers, reaching new heights in the crypto world.
Thug Life’s presale success speaks for itself, garnering significant attention from investors and raising an impressive $1.8 million during the single-stage presale. With this initial support, Thug Life sets off on its journey, aiming to fulfill its promise of being a profitable and transformative force in the crypto market while also giving back to those who have been scammed in the past.
Is $THUG Performing Well?
On DexTools, the token $THUG is traded against ETH (Ether). With a maximum supply of 4.2 million and a market cap of $1.7 million, the token’s trading price is at $0.0004565 as of 13:37 EST today.
It has experienced a significant downturn in the past 24 hours, with its price dropping by 50% and its trading volume decreasing by about 53% to $1 million. Since its launch on July 17, 2023, $THUG has seen fluctuations, with its highest recorded price at $0.002160 and its lowest at $0.0003780 between July 17 and 19. Presently, it holds $334 thousand in liquidity and a fully diluted valuation (FDV) of $1.7 million.
Unfortunately, the token’s value has recently declined, with its market value dropping by 16% and its trading volume plunging by 15% to $120 thousand in the last 6 hours.
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