Analysis

Stellar Increases Over 40% In 2 Weeks, What Motivated XLM To Miracle?

Stellar Increases Over 40% In 2 Weeks, What Motivated XLM to Miracle?

Key Points:

Stellar has experienced a recent price spike, attributed in part to its collaboration with Coinbase and the adoption of USDC based on the network.
The integration of USDC on this platform provides enhanced accessibility and user-friendly experiences for storing and moving money.
XLM has shown strong performance, with a significant price increase of up to 40% during a period of market downturn, positioning it as one of the best-performing cryptocurrencies.

As the cryptocurrency market struggles to retain its current strong momentum, Stellar (XLM) stands out with a steadily rising trend.

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.

XLM price chart. Source: TradingView

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

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.