What’s Behind Today’s Surge in XLM Price ?

Technical Breakout and Bullish Momentum

After a period of retreat in mid-July, the Stellar price in US dollars has recently captured investors’ attention, with a remarkable intraday surge. Following a three-week decline, XLM price has rebounded decisively to trade around $0.4677 at the time of writing. This Stellar price increase has erased recent losses and paved the way for a potential continuation of the bullish trend.

Technical analysts are closely monitoring a key resistance level near $0.50. A decisive breakthrough could trigger a rapid acceleration toward its previous all-time highs, potentially even beyond $1 this time. Momentum indicators, such as the RSI and MACD, are also on the bulls’ side. This suggests a “decisive moment” is approaching for the Stellar price.

Today’s Stellar price has also been positively influenced by a major external sentiment. This results from the legal clarity surrounding its rival, Ripple (XRP). The recent announcement that Ripple and the SEC have agreed to file a joint motion to dismiss their long legal conflict has had a positive “ripple effect” across the entire digital payments sector.

Since Stellar is a direct competitor to Ripple in this field, investors perceive this news as an encouraging sign for the entire ecosystem. This has inspired greater confidence and fueled financial flows toward XLM.

Growing Institutional Confidence in XLM

Beyond technical and regulatory drivers, Stellar has strengthened on the fundamental level in recent weeks. The network continues to attract significant institutional partnerships and is preparing for a key protocol update, eagerly anticipated by the community.

The proposed Protocol 23 update is expected to make smart contracts faster and less expensive, which could boost developer and project interest in the Stellar network. This could in turn translate into increased demand for the XLM token.

In conclusion, today’s Stellar price rise is the result of a combination of strong technical factors, a favorable regulatory climate, and positive developments at the institutional level, which has strengthened investor confidence and paved the way for potential new peaks for XLM. Stay tuned for more updates on Stellar’s evolution in the cryptocurrency market.

How to Buy XLM on Bitget

Want to acquire Stellar (XLM) via Bitget ? Follow this simple guide to complete your purchase quickly and securely :

1. Open an account on Bitget by providing your email address, then complete KYC verification to unlock all platform features.
2. Add funds to your account using your preferred method: bank card, wire transfer, or cryptocurrency transfer from another wallet.
3. Type XLM/USDT in the search bar and select the pair in the Spot or Futures section, depending on your trading preference.
4. Choose the type of buy order (market, limit, or futures contract) based on your strategy.
5. Confirm the transaction, and your XLM tokens will be directly credited to your Bitget wallet.

Take time to analyze market trends before investing to make informed decisions that align with your objectives.

More on this topic :

• Can Pi Network return to $1 in the coming weeks ?
• Markets soar, Ethereum and XRP explode even more
• Solana regains momentum : Heading to $206 before the end of the week ?