Stellar Performance From XLM as It Posts Top 24H Percentage Gain Among Top 20 Cryptos

Stellar Shines: XLM Leads Top Crypto Gains Following Landmark PayPal Integration News

In a significant development for the cryptocurrency market, Stellar's native token, XLM, has emerged as a top performer, posting notable gains. On Saturday, XLM surged by 6%, reaching $0.3880 and leading the pack among the top 20 cryptocurrencies by market capitalization in 24-hour percentage change. This strong performance comes on the heels of a major announcement earlier in the week: PayPal's plan to launch its U.S. dollar-backed stablecoin, PayPal USD (PYUSD), on the Stellar blockchain network.

Why the Stellar Network is Attracting Giants Like PayPal

PayPal's decision, pending regulatory approval, signals a major vote of confidence in Stellar's capabilities. Currently available only on Ethereum and Solana, expanding PYUSD to Stellar highlights the network's appeal for large-scale financial applications. PayPal specifically cited Stellar's design, which is tailored for:

• Low-cost transactions
• High-speed payments
• Strong real-world utility

The integration aims to leverage Stellar's existing global infrastructure, which includes a vast network of on- and off-ramps, local payment systems, and digital wallets. This robust foundation could potentially extend the reach of PYUSD to users in over 170 countries, significantly improving the accessibility and usability of the stablecoin for everyday transactions and cross-border transfers.

Tangible Benefits for Users and Businesses

The partnership isn't just about network expansion; it promises practical benefits. Enhanced payment options are a key focus, but Stellar's integration is also expected to provide users with expanded access to financing tools. This includes crucial services like working capital and small business loans, areas where Stellar's network is already actively utilized.

PayPal's Vice President for Digital Currencies, May Zabaneh, noted the partnership's potential to significantly advance the use of blockchain technology in cross-border payments. Echoing this sentiment, Denelle Dixon, CEO of the Stellar Development Foundation, emphasized how the collaboration could help bring practical stablecoin use to emerging markets and small businesses globally, leveraging PYUSD's nature as a stablecoin fully backed by cash and cash-equivalent reserves, maintaining a fixed $1.00 redemption value.

Ian Burrill, a Senior Director at PayPal managing the crypto engineering team, elaborated on the excitement within PayPal for the Stellar launch. He highlighted that Stellar's speed and low costs enable PYUSD to reach over 180 countries. Crucially, he pointed out that enabling merchants to use PYUSD on Stellar allows for real-time money transfers, leading to more efficient capital management for businesses.

Understanding XLM's Recent Market Dynamics

The market's positive reaction is clearly reflected in XLM's price action. Beyond Saturday's 6% jump, Stellar was one of a select few cryptocurrencies that enjoyed double-digit percentage gains among the top 20 earlier in the week, coinciding with Bitcoin setting a new all-time high above $118,000.

Analyzing the technical performance, XLM demonstrated significant volatility over a recent 24-hour period, trading within a range representing approximately 20.59%. The price moved from a session low of $0.345 to a high of $0.416. A key moment occurred during early morning hours on July 12, UTC, when XLM surged from $0.354 to $0.393 on substantial trading volume, well above the 24-hour average. This activity established technical support around the $0.354 level.

The upward trend continued, peaking at a session high of $0.416, encountering resistance near the $0.400-$0.403 range, likely due to profit-taking. Despite this, XLM showed renewed strength in the final trading hours, advancing from $0.37 to $0.39 with increased volume, consolidating support around $0.385-$0.387. Market participants are now watching the $0.39-$0.40 levels as potential near-term resistance.

Key Takeaways and Looking Forward

The PayPal-Stellar integration is a transformative event for the Stellar network and its XLM token. It validates Stellar's core strengths as a fast, low-cost, and globally connected network built for payments. For businesses and individuals, this means potentially cheaper, faster, and more accessible ways to use stablecoins for transactions, cross-border payments, and accessing vital financial services. The market has clearly reacted positively to this news, positioning XLM as a strong performer among its peers. As the integration progresses, the real-world utility and adoption of both PYUSD and the Stellar network could see significant expansion, making this a development worth watching closely.