Stellar’s Protocol 20 Upgrade Has A Surprising Effect on XLM

• Stellar completed the testnet for its Protocol 20 upgrade while XLM’s price fell.
• The value of XLM could hit $0.10 if selling pressure continues.
• A reversal could occur if the RSI value hits 25.00, marking a good entry point.

On September 20, Stellar (XLM) completed its protocol 20 upgrade, geared at introducing support for businesses and developers building on the Stellar network. According to Stellar, the upgrade was a complex one, and by far the biggest since the project launched.

While the upgrade on Wednesday was only a testnet version, Stellar in its blog post on September 18, revealed that developers may now access support for Soroban smart contracts on the network.

Stellar’s Testnet Fails to Move XLM

For the unfamiliar, Soroban smart contracts are built on Stellar’s network to enable the smooth functioning of decentralized applications (dApps). Meanwhile, Stellar also disclosed that the protocol 20 upgrade mainnet may take six weeks.

Following the upgrade, XLM’s price dropped by 4.17%. This was a little bit surprising as most of Stellar’s upgrades have resulted in a positive move for XLM. At the time of writing, XLM exchanged hands …

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