Stellar (XLM) is in the spotlight as over 2.9 billion tokens have been exchanged by participants on the cryptocurrency market. This comes after its price slipped below a critical support level of $0.4550. The token, which hit a low of $0.4156 in earlier trading, appears to have pared off some of its losses.
XLM’s volatile price movement amid soaring volume
XLM attained a height of $0.4675 within the past 24 hours before market fluctuations canceled its previous gains. Over the past week, its upsurge has drawn attention to the coin, which rivals XRP in price movement. The current price movement still mirrors XRP in terms of the percentage drop on the daily chart.
As of this writing, XLM has witnessed a 6.15% drawdown despite its initial gains, leaving the price at $0.4263. In contrast, XRP has registered a 4.23% decline in the last 24 hours. The decline, considered a temporary setback for XRP, comes amid bullish sentiment for the asset.
As for XLM, the coin is also experiencing increased investor interest as trading volume has soared by 80.76%. About $1.25 billion in trading volume translated to 2.93 billion XLM traded within 24 hours.
Some analysts have attributed the staggering increase in XLM volume to bulls looking to trigger a rally. However, it is unclear if whales are behind the current surge, what market dynamics are at play and how long it will prevail.
XLM market dynamics and regional influence
As earlier reported by U.Today, XLM made notable strides in Asia. Specifically, Binance, the world’s leading cryptocurrency exchange, has announced a new listing pair, XLM/JPY, in Japan.
The development could further drive up the numbers for XLM and its market ratings, given the incentives by Binance.
Notably, Binance encouraged XLM’s trading by announcing a zero-maker fee promotion for the new Japanese pair. This ecosystem update might account for why XLM has flipped Shiba Inu despite the general market drawdown.
