Brandt's Stellar Pick Sends XLM Soaring 11% in a Day

Peter Brandt, a veteran trader known for his critical views on XRP, has surprisingly chosen Stellar (CRYPTO:XLM) as his long-shot pick for cryptocurrency. This decision is notable, given that both Stellar and XRP are designed to facilitate fast and affordable cross-border money transfers. After Brandt's announcement, XLM surged 11%, driven by both the news and a growing trend toward institutional adoption. However, by October 1, the price settled back to around $0.22.

Brandt described Stellar as a multi-year long shot, indicating it's an idea with a low probability of success but the potential for high rewards if it pays off. His remarks suggest a patient, speculative position that could evolve over several years. Stellar operates as a payments blockchain, with XLM covering its minimal transaction fees. Banks, fintech companies, and money-transfer organizations utilize Stellar to issue digital currencies and move them almost instantly.

The $2.75 billion in tokenized real-world assets on Stellar highlights institutional adoption, which carries more weight than Brandt's endorsement alone. Brandt's pick serves more as a conversation starter for research rather than a definitive buy signal. If XLM retains most of its 27.1% monthly growth through October, it may suggest buyers are responding to more than just a high-profile name.