Stellar Lumens (XLM), a cryptocurrency platform that focuses on remittance and cross-border payments, has been making waves in the crypto market.

The platform aims to provide low-cost financial services to people of all income levels, with a particular focus on the Distributed Exchange feature that allows users to liquidate or exchange their funds for other cryptocurrencies or fiat currencies.

Based on a recent analysis from TradingView, there’s a strong indication that XLM is poised for a significant price movement. One analyst, benjaminhay, recently opened a buy position on XLM after observing a peak and subsequent pullback last week.

The analyst noted that XLM is strongly correlated to XRP and predicts that it will follow XRP’s price movement, especially after the recent legal conclusion that XRP is not a security. This correlation could potentially drive XLM’s price upwards, making it a cryptocurrency to watch closely. The next price target for XLM is at $0.5, says benjaminhay.

Moreover, both tokens have formed partnerships with technology companies, banks, and financial institutions to promote the adoption and use of their platforms and this is the main similarity between XRP and XLM.

Another analyst, Solldy, has observed that XLM’s price is moving within a triangle pattern. This pattern is often seen as a period of market consolidation before a breakout occurs. The analyst also noted that trading volumes have decreased during the price correction, which is often a precursor to a significant price movement. Solldy believes that the price will rebound soon, indicating a potential bullish trend for XLM.

These analyses suggest that XLM could be on the cusp of a significant price movement. The correlation with XRP and the observed triangle pattern both point towards a potential price increase. However, as with all cryptocurrency investments, these predictions should be taken as part of a broader investment strategy.

As of today, the live Stellar price is $0.138 USD, with a 24-hour trading volume of $306,374,812.85 USD. Stellar has seen an increase of 9.42% in the last 24 hours.

The Stellar team is focused on three critical building elements: improving network scalability and innovation, encouraging greater network engagement, and fostering diversity and inclusion. Stellar Protocol 19 was upgraded in June 2022, adding payment and critical recovery channels. Stellar is also working on Project Jump Cannon, which aims to provide smart contracts with a dependable execution environment.

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The Stellar community is actively involved in the development and growth of the network. However, there have been concerns about factors that could potentially impact the success of Stellar.

These include the possibility of IBM ending its partnership, lack of media attention compared to competitors, lack of a well-designed marketing strategy, potential vulnerabilities in the protocol, and a high total supply combined with yearly inflation, which could hinder token price increase.

When it comes to tokenomics, Stellar Lumens (XLM) has a total supply of 50 billion coins. This high total supply, combined with yearly inflation, could potentially hinder token price increases.

However, Stellar’s focus on providing low-cost financial services to people of all income levels could potentially drive demand for the coin, offsetting the effects of inflation and high supply.

Stellar Lumens (XLM) is a promising cryptocurrency with a strong focus on remittance and cross-border payments. Its recent price movements, combined with its future plans and active community involvement, make it a cryptocurrency to watch.

However, potential investors should be aware of the challenges Stellar faces, including potential partnership changes, media attention, marketing strategy, protocol vulnerabilities, and tokenomics. As always, it is crucial to do thorough research and consider various factors before investing in any cryptocurrency.

The post Stellar Lumens (XLM) Strongly Correlates with XRP: Here’s the Next Price Target appeared first on CaptainAltcoin.

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