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As $XRP price rocketed by nearly 50% over the past seven days, Stellar ($XLM) followed a similar trend pattern, up more than 25% during the same period.
This $XRP rival, in the blockchain payment sector and tokenization of real-world assets (RWAs), has surged by 26.11% over the past week, up from $0.1534 on August 19 to trading at approximately $0.1935 on August 25.
As such, this token saw its market capitalization rise to $6.69 billion. Over the past 24 hours, $XLM’s recorded traded volume was at $250.88 million at press time.
This midcap altcoin followed the broader crypto market uptrend but mostly mirrored $XRP price. Specifically, the total crypto market capitalization added over $420 billion, from $2.286 trillion on August 18 to $2.706 trillion at the time of writing.
Notably, $XRP price has climbed by roughly 46.65% over the last seven days, trading at $1.46 at the time of publication.
$XRP rival gains amid rising adoption
This notable uproar of Stellar token over the past week has coincided with rising adoption of this network to facilitate RWA tokenization. Over the past 30 days, this network recorded a 3.49% increase in RWA holders to 19,139 on Tuesday, according to data from RWA.xyz.
Additionally, Stellar’s Distributed Asset Value (DAV), which shows RWA tokens using this blockchain as a distribution layer, edged 8.2% in 30 days, hovering at around $3.29 billion at the time of writing.
Worth noting that Stellar’s stablecoin holders were 698,290 at press time, up 2.56% in 30 days.
What’s next for the $XLM price?
As $XLM price gradually followed $XRP in bullish sentiment, crypto analyst Celal Kucuckerexpects it to rally to reach $2.5 in this macro bull market.
Ultimately, $XLM’s macro bullish outlook remains pegged to the performance of the broader crypto market and the network’s adoption rate in the near future.
Source: cryptonews.net