Stellar's XLM has experienced a notable price increase today, driven by a combination of factors. The recent announcement by Ripple regarding the launch of its stablecoin, RLUSD, has generated excitement in the market, positively influencing both Ripple's XRP and Stellar's XLM. Historically, XRP's movements have had a ripple effect on Stellar due to their close association with U.S.-based blockchain initiatives. This correlation has contributed to the upward momentum seen in XLM today.
Additionally, the broader cryptocurrency market has been buoyed by the Federal Reserve's decision to maintain its benchmark interest rate, which has generally been favorable for risk assets like cryptocurrencies. While Bitcoin initially dipped following the Fed's announcement, it quickly rebounded, reflecting a positive sentiment that has likely spilled over into other cryptocurrencies, including Stellar. The Fed's stance suggests a continued supportive environment for digital assets, further bolstering investor confidence.
Stellar's price has risen by 2.11% today, reaching a current price of $0.402014, with a high of $0.404684 and a low of $0.383192.