The native token of the Stellar network, XLM, has recently seen an astounding increase. On July 13, XLM had a massive 104% gain, reaching a high of $0.196. However, as profit-taking began, the price did decline.
The bulls confirmed support at $0.125 on July 18, which sparked the current uptrend in the cryptocurrency.
By the time this article was published, Stellar’s price had grown over the previous day to $0.14 and was up 43.40% over the previous week. Notably, according to statistics from CoinMarketCap, XLM is the highest-performing cryptocurrency asset out of the top 100. XRP, which ranks fourth among gainers, is trailing behind XLM in performance.
The daily moving averages MA 50 and MA 200 have crossed in a positive direction, or the “golden cross,” which is good news for the price of XLM. Traders should keep an eye out for the rise to continue in the coming days. A breach over $0.20 might mark the beginning of a new rise for Stellar XLM.
Notable developments on Stellar blockchain
The Honeycoin App, powered by Stellar, has recently announced that it now supports USDC cash outs at MoneyGram facilities in Kenya, Uganda, Tanzania, Nigeria, Ghana, and the UK.
As a result, USDC cashouts and remittances will now be available in the aforementioned nations.
Through effective cross-border transactions, the integration will facilitate daily transactions and advance financial inclusion.
Last week saw the debut of Soroban Preview Release 10 on Futurenet, which was a significant development for the Stellar blockchain.
The Rust-based smart contract framework Soroban was created for scalability and sensibility. The current Stellar blockchain, which is now active on the test network known as Futurenet, connects with and coexists with Soroban.
