Key Points:
Several analysts believe that the move by cryptocurrency exchange Coinbase to adopt USDC based on the Stellar network was one of the drivers for XLM’s recent price spike.
In a recent news release, the Stellar team said that Coinbase fully enables deposits and withdrawals of Circle USDC tokens over the Stellar network.
In addition to these game-changing advancements, the Stellar Development Foundation emphasizes the development of a substance on/off-ramp for USDC, which extends its accessibility outside Stellar’s current wallets, exchanges, and financial firms. This connection offers up a plethora of opportunities for USDC’s global adoption, offering customers a smooth, user-friendly experience that provides uncomplicated money storage and movement.
Stellar previously announced collaborations with Moonpay, a cryptocurrency payment infrastructure company, and MoneyGram, a remittance network.
Let’s take a look at XLM’s recent strong performance. During a negative period that began in March, it bottomed out at around $0.075 in mid-June. The latest rise increased the price by up to 40%, making XLM one of the best-performing currencies among the top cryptos by market capitalization.
At the moment, Stellar pointed at $0.103, up 4.3% from 24 hours, according to TradingView data. XLM is up over 24% over the past 7 days. Its $0.1 technical area has been successfully tested for the last 3 days.
With the current excitement, XLM could conquer the higher price zone at the 78.6% Fib level before making the next move. The $0.106 price zone is the level for investors to consider taking profits or beyond is $0.11.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
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