XLM price took full advantage of its coin rally, initially surging by 103% before eventually settling with a 60% increase. As a payment processor similar to Ripple, Stellar has garnered increased investor interest, leading to a staggering 2000% surge in trading volume within a single day.
Furthermore, there have been recent speculations about Stellar being chosen to facilitate the blockchain aspect of the Federal Reserve’s FedNow Payment System, further adding to the positive sentiment surrounding the cryptocurrency.
While volatility is commonplace in the crypto space, with digital assets experiencing occasional declines, Stellar managed to avoid significant losses and instead achieved unprecedented gains, second only to Ripple (XRP) in terms of performance on the day.
XLM, the native token of Stellar Lumens, experienced a remarkable surge of over 60% in the last 24 hours, driving its price to $0.148. This surge was triggered by Ripple’s victory in the SEC vs. Ripple lawsuit, where the court ruled that XRP was not a security and did not violate any securities laws when sold to the public, only when sold to institutional investors.
Following Ripple’s success, the crypto market witnessed a substantial boost, with various cryptocurrencies collectively adding $72 billion within a single day. Among these digital assets, XLM stood out as the altcoin with the highest rally. Stellar Lumens, similar to Ripple, is renowned for its low-cost cross-border transfer capabilities.
During intra-day trading on Thursday, XLM’s price skyrocketed by more than 103%, reaching a 14-month high. This surge generated significant investor activity, characterized by an exceptionally massive increase. While the typical daily trading volume for XLM ranges between $40 million and $44 million, it soared to a staggering $982 million in the past day, reflecting a remarkable 2,034% increase.
The significant growth of Stellar Lumens can be largely credited to its recent selection as the facilitator of the Blockchain Aspect of the FedNow Payment System. FedNow, a new instant payments service developed by the Federal Reserve, aims to blend traditional banking methods with decentralized finance.
If Stellar Lumens is chosen as the blockchain facilitator for this service, it is expected that the price of XLM will experience additional growth.