Stellar Surges 24%, Outperforms XRP, and All Top 20 Altcoins. Why is XLM Price Rising? Details

XLM, the native token of Stellar Lumens, has been on the increase over the last 24 hours. It is also the best-performing altcoin among the top 20 cryptocurrencies by market capitalization.

According to CoinGecko, XLM has surged more than 24% in the last 24 hours as of the time of writing. The token is trading at $0.17, with a short-term bullish outlook that suggests a possible swift move to test $0.2.

Read Also: Stellar Lumens (XLM) Price Trajectory Following Ripple and XRP Victory Against the SEC

Stellar Lumens (XLM) Outperforms XRP

It can be recalled that XRP lead the bullish rally after the announcement of the ruling of a long-standing lawsuit, which absolutely went in favor of XRP and its teeming holders. Stellar Lumens (XLM) also shared the spoils of the victory to hit highs of $0.19 last week.

Although XRP has moved farther beyond the prices it traded at before the Ripple-SEC lawsuit’s summary judgment was made public, XLM is the one outperforming the rest of the top 20 digital tokens at the moment.

At the time of writing, XRP is trading at $0.83, with a relatively 5% price upsurge in the last 24 hours, according to CoinGecko. Meanwhile, XLM skyrocketed from lows of $0.136 to an intraday peak of $0.176 on Thursday. On Tuesday, XLM/USD rebounded off the demand zone near $0.12 to give bulls total control of the trend today.

Current XLM’s bullish outlook can be largely attributed to the technical picture and the sentiment catalyzed by the recent great news in the Stellar ecosystem.

Read Also: Here’s What ChatGPT Said About Possible Stellar (XLM) Price Trend By End of 2023

Why is Stellar Lumens (XLM) Skyrocketing?

On July 19, Bitso, the leading exchange in the Latin American region, announced a partnership with the Stellar Development Foundation in an effort to boost international payments.

Through the partnership, Bitso will integrate Stellar’s Anchor Network to allow companies from across the world to make USDC payments across Latin America, beginning with Mexico, Colombia, and Argentina.

According to the announcement, the supported transactions are from US Dollars through Circle’s USDC stablecoin. The exchange will make this happen via its direct collaboration with the local banking system.

Similarly, Stellar Development Foundation has also partnered with Honeycoin App to enable users across Kenya, Uganda, Tanzania, Nigeria, Ghana, and the UK to cash out using USDC balances at any MoneyGram location in these countries.

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