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Developed by the co-founders of XRP, XLM is a cryptocurrency that continues to rival XRP with its unique community in the crypto industry. Although XLM has been following a parallel path to XRP for years, this situation may change soon. The XLM price has gained almost 100% since the beginning of the year, sparking discussions about reaching the $1 target once again.
The Current State of XLM Price
The reason behind the significant rise in the price of XLM is actually the “failure” of XRP. Due to the lawsuit, XRP experienced a significant loss of business, leading to a decrease in Ripple‘s partners. XLM, on the other hand, capitalized on the potential of XRP by closing the gap with its payment-focused products. Previously overshadowed by XRP, XLM is now striving to change that.
Currently ranked 23rd, XLM has a total market value of $4 billion. Although XLM has been relatively stable over the past 7 days, it has experienced a 1% increase in the last 24 hours. With a price of $0.13, XLM is actually aiming for $1 and is undergoing consolidation to take action in a possible general rally. The most important factor that stands out for XLM is micro-payments. Traditional payment channels such as PayPal and Western Union can be costly when it comes to micro-payments. With Stellar‘s product, XLM can use this to its advantage by creating a significant use case for XLM.
Positive Aspects for XLM
In addition, many traditional giants such as the Central Bank of Brazil, Western Union, IBM, and Stripe may have contributed to the sustainable increase in price by taking partnership steps with XLM. While these may create short-term FOMO effects, the real impact seems to be long-term. Currently, XRP has experienced a decline in the last 24 hours, while XLM’s price increase indicates a very positive situation for XLM. Although XRP’s trading volume is at $470 million within 24 hours, XLM paints a more positive picture despite lagging behind.
Looking at the XLM price analysis, $0.15 stands out as a critical resistance level, and XLM continues to test it. Currently below the 200 EMA, XLM lacks sufficient volume to attempt $0.15 again. The critical support here is $0.1127, and closing below it would mean a drop below $0.10 for XLM.
