"Money Pours into Payment Coins"...Stellar (XLM) Surges 9%, Ripple (XRP) Also Jumps 8%

▲ XRP, Stellar (XLM)/AI generated image ©

Stellar surged over 9% in a single day, significantly outperforming the overall cryptocurrency market's growth rate. Amidst a sector rotation where funds are moving into cryptocurrencies focused on payments and remittances, Stellar (XLM)'s breakthrough of a major resistance level and the anticipation of a vote on the Protocol 28 mainnet upgrade fueled its upward momentum.

According to CoinMarketCap, a cryptocurrency market data aggregator, on September 15 (local time), Stellar recorded a 9.45% increase over the past 24 hours, reaching $0.194. During the same period, the overall cryptocurrency market's growth rate was only 2.21%. Notably, as payment and settlement-related cryptocurrencies showed strong collective performance, XRP (Ripple) also jumped 8.26%, indicating that XLM's rise was not limited to an individual asset but was a broader sector-wide movement.

Technical trends also supported the bullish sentiment. XLM clearly broke through the key resistance level of $0.1877, and its trading volume surged by 335% to $320 million. The Relative Strength Index (RSI) rose to 64.19, indicating strong buying momentum. Furthermore, anticipation for the Stellar Protocol 28 mainnet upgrade vote, scheduled for September 16, positively impacted investor sentiment.

In the short term, whether XLM can maintain $0.1877 will determine the continuation of its upward trend. If this breakout level is sustained as support, the next target is set at $0.202, where the 127.2% Fibonacci extension line is located. Conversely, if it falls below $0.1877, there is a possibility of a correction to $0.1866, which is the 50% Fibonacci retracement level.

For the market as a whole, the Fed's interest rate decision on September 16 remains the biggest variable. If risk asset investment sentiment deteriorates after the Fed's announcement, XLM could also give back some of its gains. On the other hand, if the inflow of funds into payment-related cryptocurrencies continues and the $0.1877 support holds, the current bullish trend could persist.

Ultimately, this surge is interpreted as a result of the confluence of fund movement into payment and settlement-related cryptocurrencies and a technical breakout accompanied by increased trading volume. With the Protocol 28 vote and the Fed's monetary policy decision both scheduled for September 16, whether the $0.1877 support holds is considered a key observation point for determining the future direction.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*