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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Stellar (XLM) Surges Over 43% In One Week, What’s Pushing It?

Kent Tenix
Kent Tenix
1 year ago
3 mins read
XLM

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While Bitcoin price recedes from the $30,000 support, payment solutions Stellar (XLM) and XRP continue riding the bullish wave, with Stellar (XLM) outranking top gainers today amid impressive ecosystem developments.

Determined to break all barriers to the $0.2 target, XLM painted all charts green, with a whopping 43.29% gain in value on the week. The cross-border payment facilitator has added over 8.79% to its valuation over the past 24-hour trading session.

XLM Rides On Bullish Momentum From Impressive Ecosystem Developments

Following ecosystem developments, XLM continues to soar as interest in its innovative payment and remittance solution increase. In a recent development, Stellar partnered with MoneyGram and HoneyCoin app to support global digital assets cash out with USDC across Nigeria, Ghana, Tanzania, Kenya, Uganda, and the UK.

Related Reading: Pre-Mined Ethereum Worth $116M Moves After 8 Years: Is A Major Price Dip Imminent?

In another announcement, Stellar partnered with Fonbnk to provide payment solutions to the unbanked in Africa. Considering that millions of Africans lack access to banking services, Stellar’s partnership with MoneyGram and Fonbnk could bring more users to the digital finance landscape, further expanding the crypto industry.

Moreover, Stellar is now available on multiple chains, including Ethereum, Solana, Celo, and Polygon, through Allbridge’s interoperability and bridge solution. Announced on July 11, the integration marks a significant milestone for Stellar, demonstrating its utility for innovative opportunities in decentralized finance.

This feat could be among the factors pushing XLM’s price over the past seven days. Again, the token still enjoys the bullish wave of its close relative, XRP’s victory in the SEC/Ripple lawsuit. 

XLMUSD price chart
XLM’s price currently stands at $0.1398 in the daily chart. | Source: XLMUSD price chart from TradingView.com

Stellar (XLM) Price Movement In The Last Seven Days

Over the past seven days, XLM witnessed a significant shoot-up. On July 13, when news of Ripple (XRP)’s victory broke out, XLM’s price went from $0.096 to $0.153, a 60% boost within 24 hours. Though it experienced a minute correction as the buzz subsided, XLM remains bullish, fighting for more gains to surpass $0.1 and claim $0.2. 

CoinMarketCap data shows XLM has surged more than 42% in the last seven days, bringing its value over 73% higher than it was 30 days ago. As of 6:19 AM EST on July 19, XLM’s price had added more than 21% to its past year’s value. The token’s growth in value is reflected in its over 11,173% rise from its November 18, 2014, all-time low of $0.001227. 

Stellar’s spree of cross-border payment partnerships has undoubtedly improved XLM’s trading activity. The coin’s trading volume currently surpasses $321 million, with a 130% increase in 24-hour trading volume, according to CoinMarketcap. 

Related Reading

Ripple (XRP)

XRP Price Resumes Rally – Here’s Why It Could Surpass $1 This Time

1 year ago

An increase in trading volume often points toward two factors: large selloffs and high demand or buying pressure. However, in Stellar’s case, the price resurgence shows the bulls (buyers) are at work and may push prices near $0.2 if they persist.

Featured image from Pixabay and chart from TradingView.com
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Kent Tenix
Kent Tenix

Kent Tenix

Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on crypto, business, technology, or finance, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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