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Stellar ($XLM) has posted massive gains in its price as the crypto market shifted gear. Known as a major rival to $XRP, Stellar jumped by double digits in the last 24 hours. The breakout in price came as $XRP gained regulatory clarity with the end of the Ripple v. SEC lawsuit.
$XLM price, volume and RSI suggest bullish momentum
CoinMarketCap data shows that Stellar rose by 16% in the last seven days. This jump came as $XRP also rallied after the news of the lawsuit. The development means that Stellar, which mirrors $XRP, will not face such challenges in the future.
With the current outlook, $XRP appears to have paved the way for $XLM to thrive in the crypto space.
Stellar is likely to see increased interest from institutional players interested in its utility in cross-border payments. Such adoption could positively affect the price outlook of $XLM and boost its competitiveness.
As of press time, Stellar is changing hands at $0.4594, up by 10.87% in the last 24 hours. The asset soared from a low of $0.4044 to hit an intraday peak of $0.4678 in its earlier trading session.
Following the positive outlook, investors in the community remain bullish. The trading volume has jumped 239.16% to $1.06 billion within the same time frame. The spike in volume might indicate that market participants could be anticipating a huge price surge.
According to Stellar’s Relative Strength Index (RSI), the figure stands at 62.86. This shows that $XLM buyers still have room for some trading before the asset slips into overbought territory.
Visa integration adds long-term value to Stellar
With the massive gains that Stellar has recorded in the last 30 days, it could soar to $0.50 soon. Already, the technical setup of Stellar suggests if the current positive outlook continues, $XLM could flip the price level.
Meanwhile, Stellar is now integrated into Visa’s stablecoin settlement platform. This could further boost the price of $XLM with the adoption it might usher in.