XRP Rival Stellar (XLM) up 16% in Volume Amid Bull Takeover

Stellar (XLM) Surges Amidst Cryptocurrency Market Rally

Stellar (XLM), the innovative blockchain platform, has joined the ongoing surge in the cryptocurrency industry, showcasing a remarkable 16% spike in trading volume. According to CoinMarketCap data, in the last 24 hours, XLM's trading volume in fiat terms has increased to over $297 million.

This impressive development has pushed the Stellar price slightly higher within the same time frame. As of the latest market update, XLM is exchanging hands at $0.3013, representing a 0.93% increase, per CoinMarketCap data. The asset had earlier reached a peak of $0.3117 before experiencing a minor pullback.

Despite the slight price drop, Stellar's performance suggests a surge in market interest and the potential for the price to rise further. The spike in trading volume indicates growing buying pressure among market participants, signaling investors' confidence in XLM's future outlook.

Notably, the overall market sentiment supports an upward movement for XLM, which has historically rivaled the performance of XRP. The asset is leveraging the current altcoin momentum in a bullish market phase.

Stellar's technical structures suggest a volatile breakout that might occur soon if the trading volume continues to increase. If the ecosystem sustains the current momentum, XLM could make a push that might reach the $0.50 mark.

XLM finding support at the current $0.30 level is crucial to attempting higher heights. Ali Martinez, a well-known analyst, has cautioned that a pullback could cause Stellar to lose its recent gains.

On the broader crypto market, Stellar's rival, XRP, has recorded a 13.09% decline in volume, suggesting that XLM is outperforming it.

According to CoinGlass data, investors betting on Stellar remain bullish, which could support its upward journey. In the last 24 hours, open interest has increased by 2.16%, as 587.25 million XLM, valued at $178 million, were committed to the futures market.

Stellar's performance and its ability to sustain the current momentum will be crucial factors in determining how high it will ride this bullish wave.