Stellar Leads Crypto Gains as XLM Rallies by 49%; Pullback Ahead?

Stellar Leads Crypto Gains as XLM Rallies by 49%; Pullback Ahead?


Stellar Lumens’ native token XLM was among the biggest gainers in the cryptocurrency market in the previous 24 hours, rising by roughly 49 percent in the US dollar-pegged markets.

The XLM/USD exchange rate reached an intraday high of $0.313 after dropping to as low as $0.20 in the previous session. Traders flocked into the Stellar token owing to a general recovery across the crypto assets that saw top coins, including Bitcoin, Ethereum, and XRP, emerging from their respective session lows.

Fundamentals

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Stellar primarily benefited from its accessible upside fundamentals. The open-source blockchain project lately emerged as a viable alternative to its top rival Ripple Labs. Ripple, a San Francisco-based payment firm, landed in a legal controversy with the US Securities and Exchange Commission (SEC) over the alleged illegal sale of its native token XRP.

$XLM will absorb all of $XRP bagholders soon

— IncomeSharks (@IncomeSharks) January 12, 2021

Meanwhile, traders assessed Stellar entering a high-profile partnership

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