Source: Travis Wolfe
The Stellar network has also recorded a spike in TVL fueled by increased XLM trading volume.
Stellar (XLM) enjoyed a bullish outlook following the recent SEC vs Ripple judgment summary on XRP sales.
The Stellar (XLM) market has enjoyed a bullish outlook in the recent past following increased demand from both institutional and retail traders. According to the latest crypto market data, Stellar (XLM) rallied to as high as 18 cents after the recent judgment ruling on the SEC vs Ripple case on XRP sales. After XLM retracted to find a support level of around 12 cents, the cross-border focused digital asset has since rebounded to trade at about $0.163 on Friday.
From a technical standpoint, the XLM market could rally further in the near term fueled by the altcoin FOMO. Moreover, the hourly 50 and 200 Moving Averages in the XLM market depict the bulls have the upper hand amid increased social discussion.
Closer Look at Stellar XLM Market Outlook
The Stellar (XLM) market has recorded a significant increase in daily traded volume, which stood at around $581 million in the last 24 hours. Following the recent price rally, the Stellar XLM has seen its market cap rise to about $4.4 billion and its FDV to around $8.1 billion. Interestingly, despite having just a few DeFi protocols running on the Stellar blockchain, its total value locked (TVL) has increased exponentially YTD to about $30.5 million. Additionally, the stablecoins running on the Stellar blockchain have significantly increased to about $99 million with a 24-hour traded volume of about $3.93 million.
The rising use of smart contracts has enabled the Stellar network to attract more DeFi developers seeking to scale securely. For instance, Coinbase Global recently announced that it fully supports deposits and withdrawals of Circle’s USD Coin via the Stellar network.
Additionally, the Stellar Anchor Platform announced support for deposit and withdrawal services on the Stellar network, which enables companies to offer their on and off-ramp services on Stellar and connect to wallets on the network. After ditching Ripple due to the legal proceedings, MoneyGram Access celebrated its 1st anniversary on the Stellar network. As a result, experts believe Stellar XLM could easily outperform Ripple XRP in cross-border payments as the latter is significantly weighed down by the legal proceedings.
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Price Action
The Stellar XLM price action has undoubtedly reacted similarly to the XRP market. As closely related digital assets, the XLM price is more likely to follow that of XRP in the coming weeks, with experts forecasting the latter hitting a dollar soon. Moreover, both XLM and XRP have had a macro resemblance despite the former not being charged by the SEC for violating securities laws.
From a technical standpoint, the XLM weekly 200 Moving Average (MA) is acting as a strong resistance, following a death cross last year. Should the altcoin bulls continue pushing against Bitcoin dominance in the coming weeks, the XLM market could turn the weekly 200 MA to a support level. In the short term, the XLM bulls are aiming at 30 cents.
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