Stellar Lumens (XLM) has seen a significant increase in price following the vote on the GENIUS Act, which supports the stablecoin market.
Overview of XLM Price Surge
The price of XLM rose to $0.5205, its highest level since December, with trading volumes exceeding $2 billion per day.
Impact of GENIUS Act on the Market
The passing of the GENIUS Act has had a positive effect on stablecoin prices. Similar to Ripple (XRP), XLM benefits from the booming stablecoin market. According to Artemis, Stellar has made significant gains this year, increasing its USDC volume to over $180 million.
Technical Analysis and XLM Outlook
Technical analysis shows that Stellar Lumens formed a double bottom and moved above the key level of $0.3338. This could indicate a continuation of the upward trend with a target of reaching $0.6318 in the near future, potentially climbing to $1.
The state of the stablecoin market and the passage of legislation such as the GENIUS Act may open new opportunities for Stellar Lumens and stabilize its position amidst growing interest in cryptocurrencies.
