XLM Price Skyrockets after Binance Lists Japanese Yen (JPY) Trading Pairs

Stellar Lumens' native token XLM has rallied in price after the announcement of new Japanese Yen (JPY) trading pairs on Binance

Stellar Lumens’ (XLM) price has reacted positively to the announcement of new Japanese Yen (JPY) trading pairs on Binance, one of the world's largest cryptocurrency exchanges.

The addition of XLM/JPY pairs is expected to notably increase XLM’s trading volume and liquidity in the Japanese market, which could ultimately drive further adoption of the Stellar network.

According to the announcement, Binance has launched two batches of JPY trading pairs, with XLM/JPY being included in the first batch. In an effort to attract users, the top exchange will offer zero maker fees on XLM/JPY trading pairs for a limited time, expiring on February 9th. This incentive is expected to attract entry-level traders and further contribute to XLM’s price momentum.

From a technical perspective, XLM is currently trading above its 200-day moving average, which is considered a bullish signal. However, it's important to consider the volatility of the broader cryptocurrency market and the influence of Bitcoin's price on altcoins like XLM.

To maintain the yellow scenario, the price must remain above $0.35. On the other hand, if Bitcoin quickly drops to $87,000 or lower, the white scenario will likely unfold. As long as the price remains above $0.22, it would simply indicate the development of a wider wave 4.

Investors should closely monitor the price action of both Bitcoin and XLM over the next few days. A decisive break above the recent resistance level of $0.45 could indicate further upside potential for XLM. Conversely, a substantial decline in Bitcoin's price could hamper XLM's momentum.

As a reminder, with any cryptocurrency investment, it's essential to practice proper risk management. Only invest what you can afford to lose and diversify your portfolio to mitigate risk.

Here are a few additional points to consider:

- In the cross-border payments market, XLM faces strong competition from other well-established blockchain platforms such as Ripple (XRP) and Cardano (ADA).

- The regulatory environment for cryptocurrencies is constantly changing, and any shifts in regulations could impact the price and adoption of XLM.

The Binance listing is a positive development for Stellar's XLM, but investors should always proceed with caution and conduct their own due diligence before making any investment decisions.