Stellar Lumens Price Surges to Highest Level in Over a Week

Stellar Lumens (XLM) price has soared to its highest level in over a week, defying the downturn in other cryptocurrencies. The price increase has brought Stellar’s valuation to over $11 billion, with the coin rising to $0.3822 – a significant 22% gain from its lowest level this month.

Partnership Announcement Fuels Rally

The rally can be attributed to Stellar’s continued utility and a recent partnership announcement with Fonbnk, a solution that enables frictionless on-ramp solutions for digital banking in Africa. This partnership allows anyone with a mobile SIM card to access digital banking solutions using Stellar’s technology.

Coin’s Relationship with Ripple and Regulatory Expectations

Stellar’s close relationship with Ripple (XRP) has also contributed to its recovery. Ripple has formed a bullish pennant pattern, indicating potential gains for both coins. The upcoming inauguration of Donald Trump as the President of the United States may further boost the coins’ prices.

Ripple hopes that the end of Gary Gensler’s era will usher in a new period of friendly regulations in the crypto industry.

A potential victory for Ripple would be the end of the SEC’s appeal against a ruling that deemed XRP not a security. There is also a possibility that the SEC, under Paul Atkins, will approve a spot XRP exchange-traded fund later this year.

Stellar’s Blockchain Growth and Technical Analysis

According to recent data, Stellar’s blockchain has handled over 1.16 million smart contract invocations, a significant increase from the same period last month. The network has achieved this growth without any notable issues.

The daily chart shows that the XLM price rebounded after forming key bullish patterns, including two doji candlestick patterns. A doji is a reversal signal indicating that the price opened and closed at the same level.

Most importantly, Stellar has been forming a falling wedge chart pattern, often resulting in a bullish breakout when the trendlines converge. The breakout and subsequent move above the 50-day moving average and the 50% Fibonacci Retracement point to potential gains. This could mean that the coin may jump to last year’s high of $0.6400, a 63% increase from the current level.

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