Stellar goes ballistic as the community waits for $125M to start falling from the sky

Stellar coin (XML) is changing hands at $0.26, off the Asian high registered at $0.27. The sth largest cryptocurrency by market value has been experiencing a strong growth in recent days amid supportive fundamental news. XML/USD has gained over 2.5% since this time on Tuesday, but the upside may be limited.

Tokens should fall from the sky!

Cryptocurrency wallet company Blockchain and Stellar Development Foundation (SDF) are about to launch the largest airdrop in history to the tune of $125M. The companies are going to give away 500M XML tokens to Blockchain wallet users, which is 2.6% XML total supply, or 0.47% of tokens in circulation. 

The first batch of XML tokens will be distributed this week. Users will need to submit an application on the dedicated website to receive free tokens. 

" This airdrop will put the Stellar name and technology in front of Blockchain’s 30 million account holders and will bring many new users into our ecosystem. Stellar will be only the fourth currency supported by Blockchain; we’re joining Ethereum, Bitcoin, and Bitcoin Cash as top-line options in one of the most popular digital wallets in the world," the company wrote in a blog post. 

Stellar's technical picture

On the charts, XML/USD may return to $0.2440-0.2450 congestion zone that served as a jumping-off ground for the coin on Tuesday. If this support gives way, the sell-off may continue towards $0.2400 and $0.2370-50. The upside is capped by $0.27 handle. A strong selling interest located around this area has stopped the recovery during early Asian hours and triggered the correction. Once it is cleared, $0.2760 (September 25 high) will come into focus.