Ripple (XRP) Rival Stellar (XLM) Price Skyrockets as Massive Announcement Set to Go Public on September 12 – Will ‘Buy the Rumor, Sell the News’ Hold True?

In a recent tweet, Stellar (@StellarOrg) tantalizingly mentioned that something “cool” is set to drop in 10 days, urging the community to “get ready to gear up for a change that’s got us all excited.” This tweet has ignited considerable interest and speculation, leading Stellar’s native token, XLM, to trade confidently beyond the $0.12 mark, thereby setting it apart from other top cryptocurrencies.

Market Analytics Point to Stellar’s Bright Future

Market analytics firm Santiment has hinted at the potential for a “larger breakout” for XLM. This suggests that the asset could further gain value, particularly given that XLM is often shorted by market participants. Liquidations on these short positions could serve as a catalyst for growth, thereby intensifying the market’s focus on Stellar and its upcoming announcement.

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Over the last 24 hours, Stellar’s XLM token has demonstrated bullish momentum. Its price leapt from an intraday low of $0.116 to a 24-hour high of $0.126, before meeting some resistance. Should the bulls push the price beyond this point, the next target would likely be the resistance level at $0.135. Conversely, should resistance at $0.126 prove too strong, the asset could retreat to the $0.120 support level before rallying again.

Stellar’s Market Performance

Stellar’s market capitalization and 24-hour trading volume have seen significant increases, rising by 5.89% and 112.92% to $3,348,891,902 and $168,025,766, respectively. This surge in market capitalization and trading volume indicates a growing investor interest and activity in XLM, adding yet another layer to the buzz surrounding the asset.

Stellar’s Position in the Wider Cryptocurrency Landscape

To put Stellar’s performance in context, it is worth noting that while Bitcoin (BTC) is grappling with price levels around $26,000 and Ethereum (ETH) is trading at approximately $1,635, Stellar’s XLM has recorded a notable 10% price surge over the past day. It currently holds the position as the world’s 22nd largest cryptocurrency, with a market cap of $3.4 billion.

Stellar’s Mission and Partnerships

Stellar aims to facilitate efficient cross-border payments and has secured key partnerships to further this mission. It has established relationships with Circle, a stablecoin issuer, and MoneyGram International. In addition, last month, the Stellar Foundation became a minority investor in MoneyGram and joined the Bytecode Alliance, further solidifying its commitment to innovation and scalability in the blockchain space.

All these factors contribute to heightened anticipation for Stellar’s forthcoming announcement, making it one of the most watched assets in the current cryptocurrency market.

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