It is no longer news that XRP has been exonerated by the court in the lawsuit between Ripple and the United States Security and Exchange Commission (SEC) after the presiding Judge ruled in favor of the cross-border crypto outlet on Thursday.
Ripple’s victory meant so much for the crypto industry, especially within the Stellar Lumens blockchain and its native token, XLM. For context, Stellar is a renowned crypto firm developed by Ripple’s co-founder, Jed McCaleb, to enhance payments procedures globally.
Read Also: Ripple Discussed Adoption of Crypto and XRP Utilities With the UK Government: Details
The summary judgment of the widely celebrated court case saw XLM spiking to an unprecedented $0.20 highest price mark since April 2022, a significant improvement from the year-to-date low of $0.075.
One of the biggest pluses of SEC’s loss in the law court is that more financial institutions would be open to adopting XLM as a reliable payment option that could propel the token’s growth. It is worth noting that top Financial firms like MoneyGram, Anchorage, Binance, Circle, and Coinme, have all adopted XLM in their various platforms.
The summary judgment could drive Stellar’s push for a completely decentralized ecosystem with its Soroban project.
Notably, Soroban is a Rust-based smart contracts platform developed for scale, which enables developers to design decentralized applications (dApps) with real-world applications. However, the greatest challenge to this project remains the lack of traction among developers.
Read Also: Bank of America Acknowledges Ripple As Payments Innovation Driver in Asia Pacific (APAC)
Per XLM’s daily chart, the token recorded a significant rally after the conclusion of the SEC vs Ripple legal dispute. XLM reportedly spiked past its strong resistance point at $0.115, the highest recorded level in April 2023.
Most importantly, XLM appeared to show a bullish flag. The bullish flag pattern indicates that the coin is open to becoming more profitable.
Nevertheless, while a setback remains realistic, there are strong indications that XLM will continue to surge regardless. If XLM succeeds in pulling this impressive trend off, it could end up testing this week’s high of $0.160998 and 27% above the present level.
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