XLM Price Forecast: Stellar Flips XRP Ledger in DEX Volumes as Golden Cross Nears

Stellar (XLM) has overtaken the XRP Ledger in decentralized exchange (DEX) volumes for the second time this week as a golden cross nears on XLM’s daily chart after a 31% price increase in the seven days leading to June 18.

XLM has outperformed all of the top 15 largest cryptos after rising by 6.91% to trade at $0.24 at the time of writing. Trading volumes were also up by 70% to $750 million per CoinMarketCap data.

Stellar Flips XRPL’s DEX Volumes as DeFi TVL Hits Record High

Data from DeFiLlama shows that on June 17, DEX volumes on the Stellar blockchain reached $5.48 million, higher than the $4.26 million volumes on the XRP Ledger.

This marked the second time that Stellar was overtaking XRPL in this metric because on June 15, DEX volumes on Stellar came in at $6.75 million, higher than XRPL’s $5.03 million.

XRPL had previously dominated Stellar in DEX volumes for two straight weeks, but the recent partnership between Stellar and the DTCC seems to be reviving DeFi interest around XLM as the price also soars.

DeFiLlama shows that the DeFi TVL on the Stellar blockchain has risen to an all-time high of $253 million, with 1.21 billion XLM tokens being locked up in various DeFi protocols that run on the blockchain.

This rise supports a bullish long-term Stellar price outlook because it reduces the number of tokens that are in circulation, giving XLM room to rise if the demand also increases.

Golden Cross Approaches as XLM Price Soars

XLM price is approaching a golden cross between the 50-day and the 200-day SMA levels on the one-day chart, a move that could spark another upward rally.

The golden cross is approaching after XLM price created green candles for five straight days, as the price moved from $0.18 to $0.25.

The recent gain of 39% in just five days comes after XLM price created a support level at $0.18 after the price dropped following a period of profit-taking by traders who had bought chasing gains from the DTCC partnership.

XLM price was rejected at $0.25 for four times in a row between May 29 and June 1, and this level is now serving as resistance. Moving abive $0.25 could push the price of Stellar to the psychological resistance of $0.30.

The RSI reading of 66 supports that the momentum is leaning in favor of bulls. This reading also shows that XLM’s rally is still not at the point of exhaustion because it previously reached 86 before buyers became exhausted.

Derivatives Data Shows Rising Speculative Positioning Around XLM

Data from Coinglass shows that derivatives traders are increasing their positions towards the XLM token after the recent 39% rise, with futures volumes rising by 47% to $901 million.

The open interest is also rising again alongside the price, moving from $190 million on June 15 to $284 million on June 18.

The rising futures volumes and OI suggest that demand for XLM is rising as the recent 39% increase in seven days attracts speculative traders.

However, the rise is also exposing XLM price to volatile movements because there were more than $2.3 million in both long and short liquidations on June 18. These liquidations were the highest XLM has seen since June 6.