- The Stellar payment protocol has been on a steady positive run since the start of the week.
- Key growth metrics have witnessed remarkable increases contributing to Stellar’s soaring popularity.
- XRP and XLM correlation add an intriguing twist to the rally.
The broader landscape of digital currencies is witnessing a resurgence in the bullish trend, with certain altcoins, most notably Stellar (XLM), propelling the rally to unprecedented heights. XRP and XLM are currently exhibiting a notable correlation, with both digital currencies running in tandem and mirroring each other’s movements in the market.
Stellar and XRP Ride the Wave of Cross-Border Payment Boom
The Stellar payment protocol has exhibited a consistent positive trajectory throughout this week. It experienced an astounding 18% surge during the past 24 hours, according to CoinMarketCap, driving its price to an impressive $0.1626.
This ongoing growth momentum vividly illustrates the unwavering determination of Stellar enthusiasts, who have been relentless in their pursuit of pushing XLM to new pinnacles. In the past week alone, this cryptocurrency has soared by an impressive 67.55%, marking one of the most remarkable weekly rallies for Stellar since the beginning of the year.
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One plausible reason for this synchronized rise alongside XRP could be the common use case they share as cross-border payment solutions. Both XRP and XLM are designed to facilitate fast and cost-effective international transactions, making them attractive options for individuals and institutions seeking to streamline cross-border remittances.
As a result, any positive developments or increased adoption in the cross-border payment sector can simultaneously impact both XRP and XLM, leading to their parallel movements in the market.
Stellar’s Axelar Network Skyrockets with 240% Trading Volume Increase
The key metrics responsible for this remarkable run are in harmony, with trading volume witnessing a staggering increase of over 240% to reach $1 billion. The sustained interest in and acquisition of XLM are primary catalysts driving the current price surge.
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However, an equally vital factor contributing to this remarkable surge is the growing adoption of Stellar protocol’s Axelar network in Latin America (LATAM). Reports suggest that the USD Coin by Circle resident on the Stellar network has gained significant popularity as a preferred payment method in Africa and, more recently, in LATAM.
On the Flipside
- While Stellar (XLM) has experienced significant growth this week, there is always the volatile nature of the crypto market and the potential for sudden corrections.
- While Stellar’s ambition to bridge the financial gap and provide accessible payment solutions is commendable, XLM faces stiff competition from other well-established cryptocurrencies.
Why This Matters
Stellar’s current trajectory, moving with XRP due to their shared use case and the recent positive ruling on XRP as a security, holds significant implications for the broader cryptocurrency market. The ruling validates XRP’s utility and opens the door for tokens that might have been previously perceived as securities.
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