Payments-focused Stellar blockchain’s native cryptocurrency XLM has surged to over two-year highs. One analyst says the rally is driven by rival cryptocurrency XRP’s misfortunes and the U.S. Office of the Comptroller of the Currency’s (OCC) recent guidance on stablecoins.
XLM changed hands at $0.2990 at 11:00 UTC, the highest level since November 2018. The third-largest cryptocurrency by market capitalization has doubled in value so far this week and has gained more than 50% in the past 24 hours, according to CoinDesk 20 data.
Trading volumes have picked up, alongside the price rally. “Average volumes captured by the CF Benchmarks’ XLMUSD settlement price has more than doubled in the past 14 days,” Sui Chung, CEO of CF Benchmarks told CoinDesk. Price gains backed by an uptick in volumes are considered sustainable by chart analysts.
According to Denis Vinokourov, head of research at the London-based prime brokerage Bequant, XLM is enjoying a two-fold benefit