Major

April

Stellar

Reserve

Coin

<p>XLM price is still trading below its historic ATH achieved in 2021 but it just hit a new ATH in terms of open interest. The cryptocurrency has been experiencing a massive wave of&nbsp;<a href="https://www.thecoinrepublic.com/2024/11/22/doge-hidden-bullish-divergence-heres-what-it-means/">demand</a>&nbsp;with a significant chunk of it coming from the derivatives market.</p> 
<p>Coinglass data revealed that XLM futures open interest on exchanges soared as high as $420 million in the last 24 hours.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="334" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/XLM20open20interest.JPG-1024x334.jpg" alt="XLM futures open interest | Source: Coinglass" class="wp-image-849958" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/XLM20open20interest.JPG-1024x334.jpg 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/XLM20open20interest.JPG-300x98.jpg 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/XLM20open20interest.JPG-768x250.jpg 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/XLM20open20interest.JPG-150x49.jpg 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/XLM20open20interest.JPG-696x227.jpg 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/XLM20open20interest.JPG-1068x348.jpg 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/XLM20open20interest.JPG.jpg 1347w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  XLM futures open interest | Source: Coinglass
 </figcaption>
</figure> 
<p>For context, XLM-related futures open interest has so far outperformed its previous high of $180 million observed in April 2021.</p> 
<p>This underscored the level of demand that has prevailed so far this month especially in the derivatives segment. On top of that, the cryptocurrency’s derivatives trading volumes peaked at $10.17 billion on 24 November.</p> 
<h2 class="wp-block-heading" id="h-xlm-price-closes-in-on-its-previous-ath"><strong>XLM Price Closes in on its Previous ATH</strong></h2> 
<p>XLM just concluded its most bullish week of 2024. The cryptocurrency rallied by 53.52% on Saturday, resulting in a 189% total weekly gains. The bulls launched an epic charge so far in November which has for the most part been devoid of bearish resistance.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
  <img loading="lazy" decoding="async" width="1013" height="585" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/XLMUSDT_2024-11-24_13-41-03.png" alt="XLM price action | Source: TradingView" class="wp-image-849953" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/XLMUSDT_2024-11-24_13-41-03.png 1013w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/XLMUSDT_2024-11-24_13-41-03-300x173.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/XLMUSDT_2024-11-24_13-41-03-768x444.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/XLMUSDT_2024-11-24_13-41-03-150x87.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/XLMUSDT_2024-11-24_13-41-03-696x402.png 696w" sizes="auto, (max-width: 1013px) 100vw, 1013px">
  <figcaption class="wp-element-caption">
   XLM price action | Source: TradingView
  </figcaption>
 </figure>
</div> 
<p>XLM extended it upside in the last 24 hours, soaring to a $0.63 price tag at its peak in the last 24 hours. This was its highest price tag so far in 2024. However, it pulled back slightly to its $0.54 press time price tag.</p> 
<p>The bullish assault and press time price tag meant that the cryptocurrency was only a 47% gain away from a new ATH. An interesting outcome considering that just 3 weeks ago it was just 20% away from its lowest price point in 2024.</p> 
<p>This abrupt change was courtesy of its over 600% rally so far this month. An outcome that has propelled XLM into the list of best performing cryptocurrencies of 2024.</p> 
<p>Will the rally pave the way for intense profit-taking? XLM’s pullback from its recent top is already enough evidence that&nbsp;<a href="https://www.thecoinrepublic.com/2024/11/21/1-67t-shib-exit-exchanges-can-shiba-inu-repeat-history-with-62-surge/">profit-taking</a>&nbsp;had already commenced. There is a significant chance that this pullback could shave off more of the recent gains in the coming days.</p> 
<p>On the other hand, XLM could still be due for more upside in the coming months. Many analysts anticipate a bullish outcome for most coins in 2025. These expectations may encourage XLM holders to continue HODLing in anticipation of higher prices.</p> 
<h2 class="wp-block-heading" id="h-stellar-lumens-s-dealings-with-the-federal-reserve"><strong>Stellar Lumens’s dealings with the Federal Reserve</strong></h2> 
<p>There is one major reason adding to the incentive to HOD. The U.S Federal Reserve has reportedly selected Ripple and Stellar Lumens as supporting infrastructure for its FedNow system.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
  <img loading="lazy" decoding="async" width="818" height="806" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/Screenshot-2024-11-25-at-8.57.49 PM.png" alt="Source: X " class="wp-image-849948" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/Screenshot-2024-11-25-at-8.57.49 PM.png 818w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/Screenshot-2024-11-25-at-8.57.49 PM-300x296.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/Screenshot-2024-11-25-at-8.57.49 PM-768x757.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/Screenshot-2024-11-25-at-8.57.49 PM-150x148.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/Screenshot-2024-11-25-at-8.57.49 PM-696x686.png 696w" sizes="auto, (max-width: 818px) 100vw, 818px">
  <figcaption class="wp-element-caption">
   Source: X 
  </figcaption>
 </figure>
</div> 
<p>The FED recognized Stellar Lumens as one of the most efficient blockchain networks in terms of speed and low fees. These qualities reportedly fit the bill for its FedNow initiative.</p> 
<p>More importantly, the development could pave the way for more organic demand for the XLM cryptocurrency. An outcome that could raise its floor price and build on the current demand.</p> 
<p>This development is also expected to provide more publicity for the Stelllar Lumens network. In other words, it could potentially pave the way for more adoption in the future.</p> 
<p>Regardless of these outcomes, the market will undoubtedly yield directional volatility. Major pullbacks will thus be part of the game moving forward.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/11/25/xlm-price-skyrockets-open-interest-hits-all-time-high/">XLM Price Skyrockets: Open Interest Hits All-Time High</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

XLM Price Skyrockets: Open Interest Hits All-Time High

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