XLM price soared almost 100% amid Ripple victory

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XLM price reaches 14-month high

XLM price soared almost 100% amid Ripple victory

XLM price is trading at $0.152 after rising over 60% in the last 24 hours. Altcoin was among the crypto tokens that rose thanks to Ripple’s victory in a lawsuit against the SEC, where the judge stated that XRP is not a security and does not violate any securities law when sold on exchanges.

This sent the price of XRP skyrocketing, followed by many other cryptocurrencies, which combined added $72 billion to the crypto market in a day. However, aside from XRP, the only altcoin to witness the highest rally was XLM, which is the native token of Stellar Lumens.

The price of XLM reached a 14-month high and traded even higher during intraday trading when it jumped over 103%. Consequently, the activity of investors also increased. The total 24-hour trading volume in the case of XLM ranges from $40 million to $44 million. However, over the past day, this volume peaked at $982 million, which represents a 2034% increase on the day.

Much of this growth can also be attributed to Stellar Lumens being recently named as a potential intermediary in the blockchain aspect of the FedNow payment system. FedNow is an instant payment service developed by the Federal Reserve that is said to combine conventional banking with decentralized finance.

If the service continues to work with Stellar Lumens as a blockchain intermediary, the price of XLM will rise.

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