XLM price skyrockets nearly 100%, enjoys passive gains from XRP win in the SEC vs. Ripple lawsuit

XLM price made the most of the XRP rally as the altcoin shot up by 103% initially before falling back down to a 60% increase.
Being a payment processor akin to Ripple, Stellar is also observing increased investor interest, with trading volume exploding by 2000% in a day.
Stellar was recently speculated to also be selected to facilitate the Blockchain Aspect of the Federal Reserve’s FedNow Payment System.

Catching a stray bullet is common in the crypto space as cryptocurrencies observe a decline every now and then due to some other reason. Fortunately for Stellar, this did not bring the altcoin excessive losses but instead unprecedented gains, significantly more than any other digital asset other than Ripple (XRP) today.

XLM price hits 14-month high

XLM price could be seen trading at $0.152 after enjoying a more than 60% rise in the last 24 hours. The altcoin was among the crypto tokens that noted gains on the back of Ripple’s win in the SEC vs. Ripple lawsuit, where the Judge declared that XRP was not a security and that it did not violate any Securities law when being sold to the public, and that it only did so when it was sold to institutional investors.

XLM/USD 1-day chart

This sent XRP price soaring, and behind it went many other cryptocurrencies which collectively added $72 billion to the crypto market in a day. However, apart from XRP, the one altcoin to witness the highest rally was XLM which is the native token of Stellar Lumens, a protocol similar to Ripple, known for low-cost cross-border transfers.

At the time of writing, XLM price hit a 14-month high and was trading even higher during the intra-day trading on Thursday when it shot up by more than 103%. Consequently, the investors’ activity also observed an increase, albeit exceptionally massive. The total volume traded in 24 hours in the case of XLM ranges from around $40 million to $44 million. However, over the past day, this volume hit a high of $982 million, which marks a 2,034% increase in a day.

Stellar Lumens 24-hour trading volume

A lot of this growth can also be attributed to Stellar Lumens recently being named as the potential facilitator of the Blockchain Aspect of the FedNow Payment System. FedNow is an instant payments service developed by the Federal Reserve said to combine conventional banking with decentralized finance.

If the service proceeds with Stellar Lumens as the blockchain facilitator, XLM price is set to observe further gains.

Like this article? Help us with some feedback by answering this survey:

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.