• Stellar Lumens (XLM) price has seen a 48.7% jump in the past 24 hours after XRP’s win against the U.S. Securities and Exchange Commission (SEC).
• The likes of Solana and Cardano have also seem significant gains, while new coins like Thug Life and Chimpzee are surging as the market turns bullish.
• Stellar is known for its association with Circle, the creator of USD Coin, the world’s second largest stablecoin; a win for Ripple bodes well for Stellar’s wider acceptance of its payment technology in the finance sector.
Stellar Lumens (XLM) Price Sees Huge Gains
The Stellar Lumens (XLM) cryptocurrency has seen huge gains in price over the last 24 hours, jumping almost 50%. This surge follows a ruling by a New York judge that declared XRP did not violate US securities law – a decision which sparked optimism in the crypto market causing an altcoin rally.
Other Cryptocurrencies Making Gains
As well as XLM, other cryptocurrencies have seen impressive returns following this news. These include well established coins such as Solana and Cardano, as well as newer tokens like Thug Life and Chimpzee whose prices have responded positively to market sentiment turning bullish.
Stellar’s Relationship with Ripple
Stellar was created by one of Ripple’s co-founders to improve global payments, making it closely associated with Ripple due to their shared history. As such investors watched closely for any potential implications that might affect both currencies should SEC’s legal actions against major crypto exchanges Coinbase and Binance be successful – though ultimately this was not to be.
Implications of XRP Win
The SEC’s loss means that there will be no additional legal implications for Stellar due to its close ties with Ripple; instead it paves the way for wider acceptance of its payment technology within finance sectors worldwide. XLM is currently trading at $0.144 after hitting a high point of $0.20 earlier today – an increase of 180% from earlier lows this week.
The recent news surrounding XRP’s legal victory has been good news all round for many cryptocurrencies including Stellar Lumens which has experienced huge gains in price over the last 24 hours alone thanks to wider acceptance possibilities within finance sectors worldwide being opened up by this court ruling