Stellar's (XLM) price has caught traders' attention once again following the joint request for dismissal by Ripple Labs and the SEC. This decision has positively impacted prices and trading activity around XLM.
Reasons for Stellar's Price Surge
Market data shows that Stellar (XLM) rose by nearly 5% on Friday, following a 10% increase on August 7. This surge coincided with news that Ripple and the SEC filed a joint request to dismiss their long-running case in the U.S. Court of Appeals for the Second Circuit.
Trading Activity Data
CoinGlass data indicated that open interest for XLM futures rose by over 40% in just 24 hours, reaching about $434 million. Meanwhile, short positions worth $1.17 million were closed out against long positions of $351,490, indicating increased interest in the asset.
Technical Analysis and Forecasts
From a technical analysis perspective, Stellar broke above a key level of $0.4389 and is targeting levels at $0.4834 and possibly $0.5166. Indicators such as the MACD and RSI are signaling strong buying interest.
Thus, the rise in Stellar's price, amidst news of Ripple and the SEC, highlights increased trader interest in the asset. The current trend may continue if Stellar holds support at the $0.4389 level.
