While Bitcoin price pulls back from the $30,000 support, payment solutions Stellar (XLM) and XRP continue to ride the bullish wave, with Stellar (XLM) outperforms toppers today amid impressive ecosystem developments.
Determined to break all barriers to the $0.2 target, XLM painted all the charts green, recording a whopping 43.29% gain in value in the week. The cross-border payment facilitator added more than 8.79% to its valuation during the past 24-hour trading session.
XLM is riding on bullish momentum from impressive ecosystem developments
Following ecosystem developments, XLM continues to rise as interest in its innovative payment and remittance solution grows. In a recent developmentStellar partnered with MoneyGram and the HoneyCoin app to payout global digital assets using USDC in Nigeria, Ghana, Tanzania, Kenya, Uganda and the UK.
Related Reading: $116M Pre-Mined Ethereum Moves After 8 Years: Is A Big Price Drop Imminent?
In another announcement, Stellar partnered with Fonbnk to provide payment solutions to unbanked people in Africa. Given that millions of Africans do not have 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.
In addition, 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 major milestone for Stellar, demonstrating its utility for innovative opportunities in decentralized finance.
This performance could be one of the factors that pushed the price of XLM higher over the past seven days. Again, the token is still enjoying the bullish wave of its close relative, XRP’s victory in the SEC/Ripple lawsuit.
Stellar (XLM) price movement over the past seven days
In the past seven days, XLM witnessed a significant shooting. On July 13, when news of Ripple’s (XRP) victory broke, the price of XLM surged from $0.096 to $0.153, a 60% boost in 24 hours. Although it underwent a minor correction as the buzz subsided, XLM remains bullish and fights for more gains to surpass $0.1 and claim $0.2.
CoinMarketCap facts shows that XLM is up more than 42% in the past seven days, making its value more than 73% higher than it was 30 days ago. At 6:19 a.m. EST on July 19, the price of XLM had added more than 21% to its value over the past year. TThe token’s growth in value is reflected in its increase of more than 11.173% from its November 18, 2014 low of $0.001227.
Stellar’s many cross-border payment partnerships have undoubtedly enhanced 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.
An increase in trading volume often points to two factors: major sell-off and high demand or buying pressure. However, in Stellar’s case, the price rebound shows that the bulls (buyers) are at work and could push prices near $0.2 if they persist.
Featured image from Pixabay and chart from TradingView.com