02 March, 2024

Stellar (XLM) Surges 13.68%: Real-World Adoption Driving Momentum

7 months ago

01 Nov, 2023

  • Stellar (XLM) surges 13.68% due to growing interest and adoption in crypto markets.
  • Oscillators show neutral signals while moving averages suggest a consistent bullish trend.
  • Stellar’s dominance with 475,000+ on/off-ramps, especially in underserved regions, drives real-world adoption.

In the fast-paced world of cryptocurrencies, Stellar (XLM) has emerged as a standout performer, registering an impressive surge in its price over the past 24 hours. This recent rally signals a growing interest and adoption of XLM within the crypto markets, amplifying the broader recovery trend.

Stellar (XLM) has seen a significant price surge in one day, with the token rising 13.68% to reach a price of $0.16 at the time of writing. This rise indicates growing interest and activity around XLM amid the broader recovery in crypto markets.

The Relative Strength Index (RSI) for 14 days is 66.36, while the Stochastic %K (14, 3, 3) is 57.61. Both indicators are hovering around the neutral zone, suggesting a period of consolidation or uncertainty in the short term. The Awesome Oscillator also remains close to zero, reinforcing the neutral outlook.

Source: TradingView

The moving averages continue to indicate a positive trend for XLM. The 10-day Exponential Moving Average (EMA) and Simple Moving Average (SMA) both suggest a “Buy” signal with values of $0.1492 and $0.1527, respectively. The 20-day EMA and SMA also maintain a “Buy” recommendation with values of $0.1381 and $0.1350, respectively. These moving averages show consistent bullish sentiment across different timeframes, including the 30-day, 50-day, 100-day, and 200-day.

The increased momentum for Stellar comes as research highlighted the network’s dominance in providing cash-to-crypto on and off-ramps globally. According to the report, Stellar has 475,000+ on and off-ramps, far ahead of other major networks like Bitcoin. Critically, Stellar is leading the way in providing off-ramps in underserved regions like Africa, Asia, and South America. 

For example, Stellar has over 53,300 off-ramps in Africa compared to just 17 for the next largest network. This ability to move between fiat currencies and digital assets is key for driving real-world adoption and use cases. The extensive on and off-ramp coverage makes it easier for unbanked and underbanked populations to access financial services through Stellar.

On-ramps and off-ramps help connect those in cash-based economies to the benefits of digital assets and blockchain services. Despite its dominant position, Stellar intends to expand on and off-ramps with partners to increase financial inclusion. 

The latest XLM price surge indicates that traders and investors are taking notice of Stellar’s real-world adoption and utility. With fundamentals remaining strong, XLM could see further upside if overall sentiment in crypto markets improves. Stellar’s goal of equitable financial access for all aligns with crypto’s ethos, making it a project to watch closely this year and beyond.


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