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Significantly, the digital asset world was set ablaze following the landmark decision in the Ripple case. The verdict, delivered by Judge Torres, asserts that a digital asset is not a security per se. This long-awaited clarity had the industry buzzing, prompting hopes for a halt in regulatory tectonic shifts.
Today’s decision in the Ripple case tells us that a digital asset (much like an orange grove BTW) is NOT a security in and of itself. Judge Torres’ decision on that point is important. The industry has been waiting for clarity – this decision goes a long way to get us there. Can…
— Denelle Dixon (@DenelleDixon) July 13, 2023
Amid this development, Stellar focused its energies on utility and leveraging blockchain to illuminate a brighter financial future. Moreover, the Stellar ecosystem greeted a significant update as Tomer Weller, a Stellar developer, announced the Soroban Preview Release 10 going live on Futurenet.
Soroban Preview Release 10 is now live on Futurenet. Three reasons why this is a major milestone 🧵 (1/10)
— Tomer Weller (@tomerweller) July 13, 2023
Soroban, a Rust-based smart contract platform, was created with scale and sensibility. Besides integrating with Stellar, Soroban addresses ledger bloat, a significant hurdle in blockchain’s long-term sustainability. Importantly, Soroban’s state expiration system helps ensure precious ledger space is used wisely, allowing restoration as necessary.
The announcement of Soroban v1, now stable and feature complete, marks a critical juncture after 15 months of design iterations and public discussions. Consequently, the Stellar market has responded to this news with a bullish rally propelling the price from an intra-day low of $0.09679 to a 52-week high of $0.183 in the last 24 hours.
As of press time, the bulls were still in command of the XLM market, resulting in a 54.83% increase to $0.1503.
If bullish momentum breaches $0.183, the next resistance may be $0.195, potentially leading to further price gains for XLM. However, if the price fails to break above $0.183, retracement toward the support level at $0.1400 is possible. This level has previously acted as a strong support, so it could attract buyers and potentially limit further downside movement.
XLM/USD Technical Analysis
The stochastic RSI is reading 47.72 and moving southwards below its signal line, implying that the XLM market will likely experience a slight downward trend soon. However, the stochastic RSI remains in the neutral zone, indicating the possibility of a market reversal or consolidation.
With a reading of 69.99 below its signal line, the Relative Strength Index suggests that a bearish momentum may be building up in the XLM market. This move could lead to further declines in the near future. However, the RSI remains above the oversold level of 30, indicating that the market is still under pressure to buy.
The Aroon up reads 42.86 on the daily chart, while the Aroon down reads 7.14%. This suggests that there is still some bullish sentiment in the market, though it may fade as Aroon up continues to fall. The Aroon down value indicates that some bearish pressure is present, which could shift market sentiment if bulls’ power wavers.
In summary, Stellar’s bullish rally, driven by the Soroban Preview Release 10 and positive market sentiment, pushed XLM to a 52-week high. The outlook remains positive, with potential resistance at $0.195 and strong support at $0.1400.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.