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The price of Stellar Lumens (XLM) has surged to $0.152, marking a remarkable increase of over 60% within the past 24 hours. XLM emerged as one of the cryptocurrencies benefiting from Ripple's recent legal triumph in its SEC lawsuit. In this case, the judge ruled that XRP is not a security and does not violate securities laws when traded on exchanges.
XRP's Ripple Effect on the Market
This legal victory by Ripple triggered a sharp price rise in XRP, leading to a collective upswing in various other cryptocurrencies. In total, the cryptocurrency market added a staggering $72 billion in a single day. However, among these digital assets, it was XLM, the native token of Stellar Lumens, that experienced the most significant rally.
XLM's Impressive Performance
The price of XLM reached a 14-month high and soared even higher during intraday trading, registering a remarkable gain of over 103%. Consequently, investor activity has surged. The 24-hour trading volume for XLM ranges from $40 million to $44 million. Notably, within the past day, this volume reached a peak of $982 million, reflecting a remarkable 2034% increase.
Potential Role in FedNow Payment System
Part of this surge can be attributed to Stellar Lumens recently being identified as a potential intermediary in the blockchain aspect of the FedNow payment system. FedNow is an instant payment service developed by the Federal Reserve System, aiming to merge traditional banking operations with decentralized finance.
If FedNow continues to utilize Stellar Lumens as a blockchain intermediary, XLM's price could see further growth. This development has sparked increased interest and optimism in XLM's potential role in facilitating seamless and efficient instant payments within the financial ecosystem.
