Stellar (XLM) Price Pumps 50% as Fed Considers XLM and XRP to Power Blockchain Side of FedNow Payment System

Top crypto gainer today is Stellar's XLM. The XLM price pumped over 50% today and is now trading above $0.5. Especially long-term XLM holders will be happy when they see this.

Stellar (XLM) is surging today, with a gain of over 50%. The XLM price has pumped and is now trading above $0.5.

This will be especially pleasing to long-term XLM holders, and other US-based projects such as XRP, ALGO, or ADA are also performing well.

Fed News Sparks Major Rally

The main reason for today’s pump is clear – the Federal Reserve just dropped some big news. They are looking at both XRP and XLM to potentially power the blockchain side of their FedNow payment system.

This is a big deal because the Fed’s interest in using these tokens could really change the game. Being picked for their payment system would be huge for either token, and investors are clearly getting excited about this possibility.

🚨 BREAKING: The Federal Reserve announces $XRP and $XLM as potential tools to power the blockchain aspect of their FedNow payment system! pic.twitter.com/h8cxO5Dg4a

Retail Traders Are Back

Another interesting observation is that we’re seeing regular traders and investors coming back to crypto in a big way. However, they’re not piling into the newest, hottest tokens.

Instead, they’re buying up the old-school cryptocurrencies that they’re familiar with from previous bull runs. This is why tokens like XRP, ADA, HBAR, and XLM are seeing so much action right now.

In the grand scheme of things, Stellar’s price still has some room to run. Its all-time high sits at $0.93, and we’re currently about 55% away from hitting that level again.

With the way things are moving, reaching that price target might not be as far-fetched as it sounds – we could see it happen within weeks or even days.

But here’s the catch – nobody really knows what the big players and retail investors will do next. We wouldn’t be surprised if money starts flowing into newer crypto projects instead.

For now, though, everyone seems to be interested in the “old” cryptocurrencies that made waves in 2018, 2020, and 2021, like XLM and XRP.

3 Reasons Why Ripple (XRP) Price Could Explode to $10

Follow us on X (Twitter), CoinMarketCap, and Binance Square for more daily crypto updates.

Get all our future calls by joining our FREE Telegram group.

We recommend eToro