The Stellar price (XLM/USD) has pulled back from its Wednesday highs as the coin’s rally has come to a halt.
The sixth-largest digital currency performed strongly in the morning and early afternoon parts of the Wednesday session, with its price rising to $0.318, which was its highest level since May 22. Fuelling the rally was news that the Stellar Development Foundation had obtained a Sharia compliance certification for the distributed ledger’s technology and network. The foundation said that the certification would help grow the Stellar ecosystem in the Gulf Cooperation Council (i.e. Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE) and parts of Southeast Asia (e.g. Indonesia and Malaysia).
However, the Stellar price rally ran out of steam in the late afternoon session and the coin had to endure a few hours of rocky trading, during which it fell to a low of $0.272. The coin eventually closed the session at $0.298, well below its high for the day, but still more than 17% higher than its opening level of $0.253.
The Stellar price has continued to experience wild swings in today’s trading. The coin spent the early hours of the session trading below the $0.29 mark, before rallying to an intraday high of $0.315 in the afternoon. The coin has pulled back again in more recent trading and is currently hovering around $0.30.
Stellar has also seen a big surge in trading volume. Nearly $240 million worth of XLM tokens changed hands during in yesterday’s session, quadrupling its Tuesday volume. The coin’s 24-hour trading volume currently stands at $234.6 million, according to data from digital currency tracker Coinmarketcap.
In today’s trading, the Stellar price stood at $0.298, as of 16:09 BST. The coin has lost 2.5% of its value in the past 24 hours, Coinmarketcap data shows. Its total market cap currently stands at $5.6 billion.