Stellar (XLM) soars 8% beating Bitcoin’s performance

[ad_1]

Up 10% on the daily chart and 36.3% on the 2-week chart, at the time of writing, Stellar Lumens (XLM) was one of the top performing crypto assets by market cap. The cryptocurrency has managed to outperform Bitcoin, Ethereum, and other major coins in the top 10.

XLM with minor profits in the 24 hour chart. Source: XLMUSDT Tradingview

Stellar technical indicators quickly entered the buy zone with the Simple Moving Average (SMA) and Exponential Moving Average (EMA) breaking through the $ 0.32 mark.

Related reading | Stellar Development Foundation Helps Fund $ 55 Million Abra Series C

The Relative Strength Index (RSI) remains neutral with a value of 61.5, but the moving average convergence divergence, a measure used to measure the price dynamics of an asset, sends a buy signal.

XLM’s upward trend coincides with an exponential growth in its ecosystem. As summarized by the Stellar Development Foundation (SDF), the network has made significant developments in the third quarter of 2021.

In addition, he has managed to secure important partnerships like the one with the payments giant MoneyGram. This will allow users to connect their wallets to the company’s global retail platform.

Thus, consumers will be able to take advantage of cash funding and USD Coin (USDC) payments with stellar potential to instantly settle a transaction. In this sense, the network has expanded its primary use case and its ability to bring millions of new users into its network.

Related reading | Stellar Network to Power New Savings API Launched by Wyre

At the time, SDF CEO and Executive Director Denelle Dixon called the partnership a demonstration of the power of blockchain technology to improve the existing financial system. Dixon added:

With the reach of MoneyGrams services and the speed and low cost of transactions on Stellar, a new segment of cash users will be able to convert their money into and out of USDC, giving them access to asset services. fast and affordable digital devices that may have previously been out of reach.

Stellar growths to realize his original vision

In addition to the MoneyGram partnership, the SDF released a white paper outlining how Stellar was designed to facilitate the deployment of central bank digital currencies (CBDCs).

The SDF claims that the network has unique characteristics that allow it to support these assets and how a central bank can issue implement it on Stellar.

With the development of the Digital Yuan and its rapid progression, CBDCs are rising in the priorities of international governments. The network could support CBDCs in the European Union, developing countries in Africa and others in the future.

Also, as NewsBTC reported, the network will soon be voting to implement the protocol that will grant it Automated Market Makers (AMM) functionality. The SDF said:

This AMM development process to date has been a shining example of how our entire ecosystem can work together, anchored around Stellar’s open source guiding principles, to advance the development of the Stellar network and sets a new bar in our collaboration. collective.

The ecosystem has seen other important developments and use cases, from cross-border payments and energy efficiency to a recently announced initiative to accelerate blockchain education.

Related Reading | Stellar To Showcase AMM Feature, What It Means For Its Ecosystem

In many industries, XLM appears to have a head start and has reflected on its price action, suggesting strong potential for a sustained rally in Q4 2021.

[ad_2]