Stellar Lumens (XLM) Token Soars for Three Consecutive Weeks, Moving to Its Highest Level since January 2022

The XLM token has soared to a high of $0.2695, up by over 230% from its lowest point this year, bringing its market cap to over $7.5 billion

Stellar Lumens (XLM) has soared for three consecutive weeks, moving to its highest level since January 2023. The XLM token has soared to a high of $0.2695, which is more than 230% up from its lowest level this year. This brings its market capitalization to more than $7.5 billion, making it the 24th biggest coin in the industry.

Stellar Lumens price has more upside to come

The weekly chart shows that the XLM price has had a strong comeback in the past three weeks. It has managed to cross the important resistance level at $0.1955, which was the highest swing low in June 2023 and the triple-bottom pattern’s neckline.

Stellar has jumped above another key resistance level at $0.2, the 78.6% Fibonacci Retracement level. It has also moved above the 50-week Exponential Moving Average (EMA) while the Market Value to Realized Value (MVRV) has crossed the key level at 3, which is a sign of more gains to come.

The MVRV is a crucial metric that shows whether a coin is overvalued or undervalued by comparing its current market capitalization to its realized cap. A reading of 3 shows overvaluation but can also be a sign of momentum.

In the same way, the Relative Strength Index (RSI) and the Stochastic Oscillator have moved up, showing momentum. As a result, there is a likelihood that the Stellar Lumens price will continue rising as the bulls aim for the 50% Fibonacci Retracement level at $0.4660, which is about 90% up from the current level. A drop below the support at $0.2425 will cancel out the bullish outlook.

XLM token to do well in payments

The main fundamental catalyst for the Stellar Lumens price is the ongoing Ripple bull run. XRP has jumped by 285% from its lowest level this year as investors expect a more friendly Securities and Exchange Commission (SEC).

Analysts expect that the next SEC Chair will likely end the ongoing litigation with Ripple and other firms in the crypto industry. The agency will also be more open to approving more spot ETFs, including XRP and XLM.

Both Ripple and Stellar have some similarities in that they were created to provide solutions in the payment industry, as noted by the World Bank below. Additionally, Stellar's founder, Gaving Wood, was also a co-founder of Ripple.

When the #WorldBank says it takes two to tango and only mentions #XRP and #XLM in the context of a two-tier monetary system, you should listen closely.

$XRP is designed for cross-border institutional liquidity, while $XLM focuses on peer-to-peer remittances. pic.twitter.com/2THzCESZfI

Other fundamental catalysts can push Stellar’s price higher. The most notable one is the Franklin OnChain US Government Money Fund, which is a tokenized fund with over $435 million in assets and operates on Stellar’s blockchain. Stellar also has a partnership with a company like Moneygram that allows users to send and receive payments at thousands of its locations.

See more: Stellar Crypto Price Prediction: XLM Forms a Rare Bullish Pattern