u.today
Stellar ($XLM) is in the spotlight as over 2.9 billion tokens have been exchanged by participants on the cryptocurrency market. This comes after its price slipped below a critical support level of $0.4550. The token, which hit a low of $0.4156 in earlier trading, appears to have pared off some of its losses.
$XLM’s volatile price movement amid soaring volume
$XLM attained a height of $0.4675 within the past 24 hours before market fluctuations canceled its previous gains. Over the past week, its upsurge has drawn attention to the coin, which rivals $XRP in price movement. The current price movement still mirrors $XRP in terms of the percentage drop on the daily chart.
As of this writing, $XLM has witnessed a 6.15% drawdown despite its initial gains, leaving the price at $0.4263. In contrast, $XRP has registered a 4.23% decline in the last 24 hours. The decline, considered a temporary setback for $XRP, comes amid bullish sentiment for the asset.
As for $XLM, the coin is also experiencing increased investor interest as trading volume has soared by 80.76%. About $1.25 billion in trading volume translated to 2.93 billion $XLM traded within 24 hours.
Some analysts have attributed the staggering increase in $XLM volume to bulls looking to trigger a rally. However, it is unclear if whales are behind the current surge, what market dynamics are at play and how long it will prevail.
$XLM market dynamics and regional influence
As earlier reported by U.Today, $XLM made notable strides in Asia. Specifically, Binance, the world's leading cryptocurrency exchange, has announced a new listing pair, $XLM/JPY, in Japan.
The development could further drive up the numbers for $XLM and its market ratings, given the incentives by Binance.
Notably, Binance encouraged $XLM’s trading by announcing a zero-maker fee promotion for the new Japanese pair. This ecosystem update might account for why $XLM has flipped Shiba Inu despite the general market drawdown.