Stellar Lumens (XLM) experienced a significant price surge, reaching $0.3822, marking an over 22% increase from its monthly low, and elevating its market valuation to more than $11 billion. This surge occurred amid broader market retreats and followed Stellar’s continued utility developments. Recently, Stellar announced a partnership with Fonbnk, facilitating digital banking in Africa via mobile SIM cards using Stellar’s technology.
This upward movement was also supported by Stellar’s correlation with Ripple (XRP), which displayed a bullish pennant pattern, suggesting further potential gains. Both currencies are anticipated to benefit from the impending inauguration of Donald Trump as President of the United States, with expectations of more crypto-friendly regulations. These could include the termination of the SEC’s appeal against an earlier ruling that XRP is not a security, with the possibility of a spot XRP ETF approval under the likely new SEC chair, Paul Atkins.
Furthermore, Stellar’s blockchain continues to expand, with over 1.16 million smart contract invocations recently recorded. Notably, Stellar’s price displays bullish technical indicators. It exhibited two doji candlestick patterns, indicative of potential reversals, and formed a falling wedge pattern, a classic precursor to a bullish breakout. Consequently, these technical formations suggest that XLM could climb further, potentially reaching last year’s high of $0.6400, which implies a 63% increase from current levels.
