{"id":683,"date":"2024-11-24T15:42:42","date_gmt":"2024-11-24T15:42:42","guid":{"rendered":"https:\/\/monkeycoder.work\/XLM\/?p=683"},"modified":"2024-11-24T18:38:55","modified_gmt":"2024-11-24T18:38:55","slug":"the-price-of-stellar-xlm-jumped","status":"publish","type":"post","link":"https:\/\/monkeycoder.work\/XLM\/the-price-of-stellar-xlm-jumped.html","title":{"rendered":"The price of Stellar (XLM) jumped 587% in November 2024! What caused this dramatic increase?"},"content":{"rendered":"

In November 2024 alone, the value of Stellar (XLM) increased 5.87 times, rising from $0.092 to $0.54. This impressive rally, along with the recent successes of XRP, demonstrates the close relationship between these two cryptocurrencies.<\/p>\n

XLM and XRP share a similar history: both projects were created by Jed McCaleb<\/a>. Their main goals also overlap – to make cross-border transactions more accessible and efficient.<\/p>\n

One of the main reasons for the growth was the rumour of the possible resignation of SEC chief Gary Gensler, which gave a boost to XRP, which jumped 51% to $1.10.<\/p>\n

This event also boosted investor confidence in Stellar, pushing its price upwards.<\/p>\n

The shared utility and node network similarities of these cryptocurrencies played an important role in this process. Unsurprisingly, amidst the rise of XRP, XLM also started rising rapidly.<\/p>\n

The current market capitalisation of Stellar, which has reached $16.2 billion, indicates the growing interest in this asset and the strengthening of bullish sentiment. This is supported by a number of technical indicators pointing to a possible further strengthening.<\/p>\n

Stellar is attracting the attention of both retail and institutional investors, which, combined with strong momentum, could lead to new records. If the bullish trend continues, XLM has chances to surpass its previous high of $0.9381.<\/p>\n

\"XLM
XLM value change graph for the last month<\/em><\/figcaption><\/figure>\n

Stellar’s trading volume increased to $12.5bn overnight, indicating increased liquidity and activity in the market. A 20.97% increase in open interest in derivative contracts, to $133.4 million, indicates high trader engagement.<\/p>\n

If you are thinking about investing in Stellar Lumens, you will need to create an XLM wallet. Using our Stellar wallet<\/a> gives you many advantages: it is easy to use, provides a high level of security for your funds and data, and supports all the basic features for managing cryptocurrency. In addition, our web wallet is available on both PCs and mobile devices. You can easily send and receive XLM and track your transactions in real time.<\/p>\n

Possible cooperation between Cardano and Stellar<\/h2>\n

Cardano (ADA) founder Charles Hoskinson recently announced a possible collaboration with Stellar. Cardano is in talks with Jed McCaleb as part of ongoing projects. Despite this, Hoskinson emphasised that there is no direct partnership yet.<\/p>\n

According to him, Stellar is actively involved in a number of Cardano initiatives and interaction between the teams is positive. This could mean closer cooperation in the future.<\/p>\n

XLM funding rates: from bearish to bullish trend<\/h2>\n

The change in XLM funding rates reflects the mood of traders. In August and September, funding rates remained predominantly negative, indicating a bearish sentiment. However, in October the rates started to stabilise and in November they turned positive, reflecting traders’ confidence in further price growth.<\/p>\n

\"XLM
XLM Funding Rate<\/em><\/figcaption><\/figure>\n

Now the key levels for XLM are $0.7930 as resistance and $0.5213 as support. To continue the growth it is necessary to consolidate above $0.5548, which will open the way to the next resistance at $0.5687. In case of a fall below $0.5213, a deeper pullback is possible.<\/p>\n","protected":false},"excerpt":{"rendered":"

In November 2024 alone, the value of Stellar (XLM) increased 5.87 times, rising from $0.092 to $0.54. This impressive rally, along with the recent successes of …<\/a><\/p>\n<\/div>","protected":false},"author":4,"featured_media":684,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[3],"tags":[],"class_list":{"0":"post-683","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-stellar-news"},"_links":{"self":[{"href":"https:\/\/monkeycoder.work\/XLM\/wp-json\/wp\/v2\/posts\/683","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/monkeycoder.work\/XLM\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monkeycoder.work\/XLM\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monkeycoder.work\/XLM\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/monkeycoder.work\/XLM\/wp-json\/wp\/v2\/comments?post=683"}],"version-history":[{"count":2,"href":"https:\/\/monkeycoder.work\/XLM\/wp-json\/wp\/v2\/posts\/683\/revisions"}],"predecessor-version":[{"id":695,"href":"https:\/\/monkeycoder.work\/XLM\/wp-json\/wp\/v2\/posts\/683\/revisions\/695"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monkeycoder.work\/XLM\/wp-json\/wp\/v2\/media\/684"}],"wp:attachment":[{"href":"https:\/\/monkeycoder.work\/XLM\/wp-json\/wp\/v2\/media?parent=683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monkeycoder.work\/XLM\/wp-json\/wp\/v2\/categories?post=683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monkeycoder.work\/XLM\/wp-json\/wp\/v2\/tags?post=683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}