Stellar price (XLM/USD) edges lower in Friday trading

Stellar price (XLM/USD) edges lower in Friday trading
Written by:
Michael Harris
23rd March 2018
Updated: 11th March 2020

The Stellar price (XRL/USD) has edged lower in today’s trading, in line with a trend observed across the wider cryptocurrency market.

The ninth-largest digital currency on the market experienced a few ups and downs during yesterday’s trading, amid fresh signals of increased regulatory pressure in Japan. The coin finished the session at $0.243, down from its opening level of $0.255.

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Like some of its cryptocurrency rivals, Stellar experienced a sharp drop in the early hours of today’s trading session, with its price falling to an intraday low of $0.224. However, the coin has managed to recover some of its early losses after experiencing a notable uptick in the afternoon. The Stellar price is currently hovering around $0.24, according to data from cryptocurrency tracker Coinmarketcap.

The early drop can be attributed to a warning, issued today by Japanese regulators, against crypto exchange Binance. The Hong Kong-based exchange is by far the most popular destination for trading Stellar, accounting for more than a third of the coin’s 24-hour volume. South Korea’s Upbit exchange is a distant second with just over a fifth of the trading volume. Overall, about $50 million worth of XLM tokens have been processed by crypto exchanges in the past 24 hours.

Stellar received a significant boost earlier this week after the Stellar Development Foundation, the non-profit behind the cryptocurrency announced plans to introduce Lightning payments to the Stellar network by the end of this year, adding that “Lightning is the right way forward for Stellar” because it enabled instant confirmation of payments and “negligible fees” and didn’t require payments to be recorded in a public distributed ledger. The coin rose above $0.28 on Tuesday, but the rally fizzled out in subsequent trading.

In today’s trading, the Stellar price stood at $0.226, as of 15:35 GMT. The digital coin has gained 1.9% in the past 24 hours, according to Coinmarketcap. Its total market capitalisation currently stands at $4.4 billion.

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