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Stellar's (XLM) Impressive 10% Rally, Here's Probable Cause

Wed, 07/19/2023 - 12:20
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Tomiwabold Olajide
Stellar (XLM) currently enjoying new rise
Stellar's (XLM) Impressive 10% Rally, Here's Probable Cause
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The Stellar blockchain's native coin, XLM, has recently experienced an astonishing rise. On July 13, XLM saw an enormous 104% increase, peaking at $0.196. The price did retreat, though, as profit-taking started to happen.

The cryptocurrency is currently enjoying a new rise, which started on July 18 when bulls confirmed support near $0.125.

At the time of publication, Stellar had increased in price over the previous 24 hours to $0.14 and is up 43.40% over the previous week. Notably, XLM is the best-performing cryptocurrency asset among the top 100, according to CoinMarketCap data. XLM is outperforming XRP, which sits in fourth place among gainers.

The positive news for the XLM price is that the daily moving averages MA 50 and 200 have made a positive crossing, otherwise known as the "golden cross." Traders should watch out for the continuation of the rally in the days ahead. A break past the $0.20 level might signal the start of a fresh uptrend for Stellar XLM.

Notable developments on Stellar blockchain

In an exciting announcement, the Honeycoin App, powered by Stellar, now enables USDC cash outs at MoneyGram locations in Kenya, Uganda, Tanzania, Nigeria, Ghana and the UK.

As a result, USDC remittances and cashouts will now expand to the aforementioned countries.

The integration will bring convenience to everyday transactions and promote financial inclusion through efficient cross-border transactions.

In the past week, Soroban Preview Release 10 launched on Futurenet, marking a major milestone for the Stellar blockchain.

XRP Victory Boosts Stellar (XLM) by 54%, More to Come

Soroban is a Rust-based smart contract platform designed for scale and sensibility. Soroban integrates with and operates alongside the current Stellar blockchain, which is now operating on the test network known as Futurenet.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.