Stellar’s native cryptocurrency XLM surged nearly 6% in the past 24 hours, reaching approximately $0.193 on September 15. This price rally comes as participants anticipate the mainnet upgrade vote for Stellar’s Protocol 28, set to take place on September 16 at 17:00 UTC.
Upgrade anticipation drives XLM momentum
According to CoinGecko, XLM is up 5.8% in the past 24 hours and 9.1% over the last two weeks, fluctuating between $0.182 and $0.197 before settling near $0.193. The current movement coincides with heightened attention on Stellar, a blockchain network designed to facilitate cross-border payments and asset tokenization.
Tomorrow’s Protocol 28 mainnet upgrade vote is a focal point for network participants. The Stellar Development Foundation, the nonprofit overseeing technical development for the blockchain, advanced preparations with a testnet upgrade completed on August 27.
The Protocol 28 upgrade, codenamed Adapter, brings several technical changes to Stellar Core and expands Soroban smart contract capabilities. CAP-83 introduces a mechanism allowing validators to cast votes ahead of receiving the complete transaction set, which can help drop invalid or delayed sets. CAP-85 and CAP-86 target smart contract enhancements, such as enabling upgrades and modifying data structures.
Mini dictionary: Soroban, Stellar’s smart contract platform designed for scalability and developer flexibility, supports WebAssembly-based contracts and aims to expand decentralized application support on the Stellar network.
The expected upgrade has become the primary event driving XLM’s current price movement.
Institutional partnerships and product launches boost sentiment
XLM has benefited from institutional partnerships and infrastructure upgrades. MoneyGram recently extended its stablecoin-backed Visa card service to Colombia, allowing eligible users to hold a stable-dollar balance and spend it at merchants that accept Visa. This product, developed in collaboration with Rain and Crossmint wallet technology, relies on the Stellar network and initially supports USDC, with plans to add the MGUSD stablecoin.
MoneyGram and the Stellar Development Foundation have collaborated since 2021 on services enabling cash-to-USDC and USDC-to-cash conversions, with the new card further leveraging Stellar’s payments infrastructure.
Just days prior, US Bank—a leading American financial institution—executed its first pilot transaction using its proprietary dollar-backed stablecoin, USBDC, over the Stellar network. The transfer moved funds between the bank’s North American and European entities and tested the stablecoin’s full operational cycle, including minting, payment, redemption, freezing, and clawback.
US Bank and the Stellar Development Foundation indicated they plan to evaluate additional applications such as liquidity management, collateral mobility, and cross-border treasury operations.
Mini dictionary: US Bank, based in the United States, is one of the country’s largest commercial banks and has recently developed USBDC, a proprietary dollar-backed stablecoin designed for enterprise-grade financial transactions.
XLM price technical levels and on-chain signals
On the daily chart, XLM has rebounded from August lows near $0.15-$0.16 and is now approaching the $0.20 resistance zone. Moving past this level would bring July targets of $0.205–$0.21 into focus, while further upside could test $0.22, a previous area of selling interest.
| Price Level | Type | Status |
|---|---|---|
| $0.20 | Resistance | Immediate target |
| $0.205–$0.21 | Resistance | Next upside area |
| $0.185 | Support | First downside |
| $0.16 | Support | August base |
Technical indicators signal growing bullish momentum. The Vortex Indicator shows buyers have taken control, with VI+ at 1.1331 and VI- at 0.8630. The Money Flow Index, now at 60, reflects increased buying pressure without entering overbought conditions seen during XLM’s June rally.
Shorter-term charts reveal a sequence of higher lows and stronger buying activity as XLM crossed $0.185 and tested $0.195. The Percentage Price Oscillator stands at 1.68%, above its signal line at 0.81%, while the Bull Bear Power indicator remains positive at 0.0108.
Momentum is expected to continue if XLM secures a daily or 4-hour close above $0.20, supporting further attempts toward $0.205 or $0.21. If the price is rejected below $0.20, $0.185 and then $0.175–$0.18 will be key levels to watch for potential support.
A reversal under $0.175 would negate the recent pattern of higher lows, putting the August support region back into play. Price action around the Protocol 28 vote is expected to play a pivotal role in dictating short-term direction for XLM.
