Top crypto gainer today is Stellar’s XLM. The XLM price pumped over 50% today and is now trading above $0.5.
Especially long-term XLM holders will be happy when they see this. Other projects based and founded in the US such as XRP, ALGO, or ADA are still doing good as well.
Fed News Sparks Major Rally
The biggest reason behind today’s pump is pretty straightforward – the Federal Reserve just dropped some huge news. They’re looking at both XRP and XLM to potentially power the blockchain side of their FedNow payment system.
This is a big deal because having the Fed interested in using these tokens could really change the game. Getting picked for their payment system would be massive for either token, and investors are clearly excited about this possibility.
Retail Traders Are Back
What’s also interesting is that we’re seeing regular traders and investors coming back to crypto in a big way. But here’s the thing – they’re not jumping into the newest, hottest tokens. Instead, they’re loading up on the old-school cryptocurrencies that they know from previous bull runs. That’s why tokens like XRP, ADA, HBAR, and XLM are seeing so much action right now.
Looking at the bigger picture, Stellar’s price still has some room to run. Its all-time high sits at $0.93, and we’re currently about 55% away from hitting that level again. With the way things are moving, reaching that price target might not be as far-fetched as it sounds – we could see it happen within weeks or even days.
But here’s the catch – nobody really knows what the big players and regular investors will do next. We wouldn’t be surprised if money starts flowing into newer crypto projects instead. Right now though, everyone seems pretty interested in the “old” cryptocurrencies that made waves back in 2018, 2020, and 2021, like XLM and XRP.
Read also: 3 Reasons Why Ripple (XRP) Price Could Explode to $10
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