XLM surpasses XRP as leading altcoins seek new rebound

XLM surpasses XRP as leading altcoins seek new rebound

Stellar (XLM) Emerges as Top Performing Altcoin

Stellar (XLM) has experienced a significant surge in price, surpassing all other altcoins in the top 100 cryptocurrencies by market cap. In the past 24 hours, XLM price has risen by an impressive 26%, outshining even XRP’s 9% gains during the same period 1.

This surge in XLM’s price can be attributed to a series of positive developments within the Stellar ecosystem. One notable development is the recent partnership between Stellar and Bitso, a Latin American crypto firm. This collaboration aims to enhance international payments to countries like Colombia, Argentina, and Mexico, utilizing the USDC stablecoin 2. By leveraging the benefits of blockchain technology, Stellar and Bitso are providing efficient and cost-effective payment solutions in regions where access to traditional banking services is limited.

In addition to the Bitso partnership, Stellar has also joined forces with fonbnk1, a crypto platform, to enable millions of unbanked individuals across Africa to access the advantages of blockchain through their prepaid SIM cards 3. This initiative is particularly significant considering that approximately 350 million people in Africa lack access to traditional bank accounts. By leveraging Stellar’s technology, fonbnk1 is transforming prepaid SIM cards into virtual debit cards, providing a practical solution to the lack of banking infrastructure in many regions of the continent.

Moreover, Stellar has recently announced a collaboration with the Honeycoin App, enabling users in Kenya, Uganda, Tanzania, Nigeria, Ghana, and the UK to cash out their USDC balances at any MoneyGram location within these countries 4. This partnership further expands the utility of Stellar’s blockchain, facilitating seamless cross-border transactions and empowering individuals with greater financial inclusivity.

The surge in XLM’s price reflects the market’s positive response to these developments within the Stellar ecosystem. As of 2 pm ET on July 19, XLM was trading above $0.16, with a bullish outlook suggesting a potential breakthrough of the $0.20 supply wall 5. The recent performance of XLM demonstrates its resilience and potential for further growth in the blockchain industry.

It is worth noting that XRP, another major cryptocurrency, had previously dominated the market following its legal victory against the US Securities and Exchange Commission (SEC). However, Stellar’s XLM has now surpassed XRP in terms of price performance, highlighting the dynamic nature of the cryptocurrency market 6. While XRP remains above its pre-SEC ruling prices, XLM has experienced a more significant surge, jumping from lows of $0.14 to an intraday peak above $0.16 7.

In conclusion, Stellar’s recent partnership with Bitso, fonbnk1, and Honeycoin App, coupled with its ongoing efforts to address financial inclusivity in Africa and facilitate cross-border transactions, has significantly contributed to the surge in XLM’s price. The blockchain industry continues to evolve rapidly, with innovative projects like Stellar driving the adoption of blockchain technology in various sectors. As XLM leads the pack among altcoins, its impressive performance serves as a testament to the potential of blockchain technology to revolutionize the global financial landscape.

References:


  1. CoinGecko – XLM price rose by 26%↩︎

  2. Stellar – Stellar’s partnership with Bitso↩︎

  3. Stellar – Stellar’s partnership with fonbnk1↩︎

  4. Stellar – Stellar’s partnership with Honeycoin App↩︎

  5. CoinGecko – XLM price rose by 26%↩︎

  6. CoinJournal – XLM outpaces XRP↩︎

  7. CoinJournal – XLM outpaces XRP↩︎