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Stellar Surged More Than 25%, Will XLM Price Hit the Target Above $0.2?

Highlights

    Stellar price surged above $0.17 after trending in a narrow range for almost a couple of years

    With the upgraded fundamentals and technicals, the XLM price is expected to surge 3 times to as high as $1

    Ukraine’s government choose a stellar blockchain network as a platform to build a central bank digital currency(CBDC)

Stellar Lumens price started its bull rally at $0.13 to surge to as high as $0.1534 within a very short span of time. But woefully again dipped back $0.1327 instantly from the highs. Yet surged back $0.15 after trending in a very narrow range for a couple of hours.

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With the continued trend, the XLM price is expected to touch $0.18 or $0.20 in the short term. However, in the long term, the price may rally towards $1 or may even surpass. At the time of writing, the XLM price is $0.173417 with a jump of 30.25 percent in the last 24 hours. 

XLM price analysis

Currently, XLM is in the 12th position of the cryptocurrency list and if it has to enter the top 10, then XLM has to surpass USDC and Chainlink with the market cap of nearly $4 billion and $5 billion respectively. The market cap of XLM is close to $4 billion and hence, if the price continues its rally, it may surpass USDC, but to enter top 10 is a pretty tough job but possible.

Ukraine Government’s CBDC will be on Stellar Blockchain

The Ministry of Digital Transformation of Ukraine and the Stellar Development Foundation(SDF) signed an MoU to build the country’s central banks digital currency(CBDC) on the stellar blockchain. 

“The Ministry of Digital Transformation is working on creating the legal environment for the development of virtual assets in Ukraine. We believe our corporation with the SDF will contribute to the development of the virtual asset industry and its integration into the global financial ecosystem,” said Oleksandr Bornyakov, the Deputy Minister for Digital Transformation and IT.

The SDF’s blockchain platform gaining more and more recognition in recent times may boost the XLM price also in the near future. The price, however, is expected to touch $0.2 in the very short term and $1 in the long term.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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