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Stellar Launches Promising Developments But XLM Struggles To Breach Resistances Price-Wise

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The stellar network is known for its cross-border payments developments backed by the skillful IBM. Stellar now supports 42 different currencies through this partnership with IBM. Recently, Stellar network just launched new developments to keep up with the ever-evolving inventions in the cryptocurrency-development ecosystem.

Stellar recently announced via their official Twitter account that Solar Wallet has implemented SEP-6 standard to ease withdrawal of stablecoins from users’ wallets to their bank accounts. Prior to this announcement, Stellar had also publicized that they have released GO SDK v.1.3.0 which will further ease cross-border payments involving crypto. Regardless of these positive developments, the XLM price shows a displeasing performance.

So, What Is The SEP-6 Standard All About?

This new innovation is centered around connecting different traditional payment methods seamlessly and at low costs. The SEP-6 standard will require wallet providers to adopt extra off-ramps for their users.

It is set to greatly improve user experience in that wallets will directly interact with regulated financial institutions (anchors) without having to exit the wallet first before being able to access the anchor’s site. This sets the ball rolling on global remittances solutions by facilitating a fast and inexpensive means of sending ‘anchor’ stablecoins to another person.

Another attractive feature of this SEP-6 is allowing users to use an asset off-ramp to withdraw tokenized currencies from their wallets to their bank accounts at low costs. This feature is likely to make a positive impact on the Stellar network as well as other stablecoin issuers who will adopt this SEP-6 standard and get to understand what their tokenized assets are fully capable of.

However, in the meantime, SEP-6 only supports three off-ramps but plans to integrate this standard into more frequently used stable coins and tokenized assets in the foreseeable future. The three supported off-ramps include ‘Stellarport’ (to withdraw BTC, ETH, and LTC), ‘AnchorUSD’ (for withdrawal of US dollars) and Tempo (to withdraw Euros to any bank account).  

GO SDK v.1.3.0

This latest update is aimed at improving the Stellar network in order to accommodate a broad spectrum of cross-border payment use cases. Stellar posted the announcement on Twitter stating,

This update has three main advantages as published on Stellar’s GitHub page: bolstering fast retrieval of the home domain name by incorporation of helper method known as “Client.HomeDomainForAccount”, giving users access to Transaction Envelopes after creating a transaction even before the transaction is signed and incorporating “Transaction.TransactionFee” method.

Stellar revealed plans to do away with the “Transaction.SetDefaultFee” method and replace it with “Transaction.TransactionFee” method which will help users get the exact fee that will be paid for each transaction. The former proffered a fixed predetermined fee for transactions.

Stellar Lumens (XLM) Price Outlook

As bitcoin continues with the price upswing, the 12th largest cryptocurrency by market cap doesn’t seem to keep up with the momentum. Despite these promising developments, Stellar Lumens (XLM) is giving a lackluster performance price-wise with a drop of 6.88% in the last 24-hr period to trade at $0.094.

The digital coin has also plunged from last month’s closing high of $0.115131. Notably, most altcoins in the crypto market are currently flashing red as well. XLM holders are hoping that it’s readying for a rally alongside other altcoins in the near future. However, we can only wait and see the trend that XLM carves out.

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Stellar Lumens XLM News Today – Top Headlines for Oct 4, 2019

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  • Stellar {XLM} Meetup Scheduled to Hold  in San Francisco Draws in 100 Attendees; XLM Recovers, Targets $0.075

Stellar XLM is a thriving cryptocurrency which is currently ranked #10, it is directly above LEO and below Bitcoin SV in the market. It’s current ranking is a proof of how far this currency has come. Recently, the trading volume of Stellar has risen considerably reaching up to $129.450 million. This is a far cry from where it used to be, coupled with the fact that there are about 20.159 billion XLM tokens in circulation. This takes the total market cap of Stellar Lumens to $ 1.189 billion at the moment. 

The Stellar XLM is a rising digital currency and aims to do much more than it is doing at the moment. In the past 24-hours the XLM has moved at a rate of about 0.89%, this surge brought the price to about $0.059165 which is a massive improvement and the price seems to have settled there up till now. This settling may mean many things. It could be that the currency has found stability or it could be an indication that it is not going anywhere anytime soon. 

Looking at the charts there are so many indicators that tell us about the possible future of the stellar XLM. But truth is we can only predict, certainty is not 100%. Using the indication of the Ichimoku cloud and the recent performance, it shows that the sellers of the cryptocurrency have not let off and they still remain a formidable force to be taken into account. Looking closely at the chats, the MACD line still lies slightly under the signal line. However the gap between the two lines has been reducing over the span of the last 5 days. The daily RSI ( for about 14 periods) is at 44.5 this shows that the Lumens is currently stagnated at the neutral zone and it might be there for a while. 

Stellar (XLM) Price Today – XLM / USD

NamePrice
Bitcoin$8,206.890.836%
Stellar$0.0591.99%

So, is the price of Stellar Lumens XLM moving up anytime soon? It’s too early to say at this done. But the cryptocurrency is here to stay and is gaining more attention than before and this  San Francisco meetup is geared towards more publicity and attention. 

Will the meetup at San Francisco produce positive results for Stellar? The answer is most likely in the affirmative and will it help the currency get to its target of $0.075? Well we will just have to wait and see.

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Stellar Lumens (XLM) Price Analysis and Prediction: Poised For A Jolt Up

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XLM is still among the top 10 coins by market cap, sitting right on the edge of this ranking at position number 10 with a market capitalization of $1.191 billion.

Measured in sats, XLM is at 717 satoshis which corresponds to $0.059. It has outperformed bitcoin by almost 18% in the last 30 days but it is down by a whopping 81% for the year.

Table of Contents

XLMBTC weekly chart

Macro trend for XLM is bearish, however, the giant falling wedge pattern that started forming back in November 2018 is almost done – XLM is about to breakout upwards.

The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge. … As a reversal pattern, the falling wedge slopes down and with the prevailing trend.

XLM/BTC Daily

On a smaller scale, XLM daily chart is also bearish but looks much more choppy with short jolts up and down in a horizontal channel between two Fibonacci levels. It also appears to be forming a symmetric triangle pattern – known for its neutral effect: the movement is imminent but this pattern can go both ways.

That brings us to the overall market influence on the price of XLM and all altcoins. Should the market ensue on a bull run, Stellar will test the Fib236 at 884 sats as the first resistance level. If it bursts through this zone, there are no snags above it all the way up to the 1540 sats zone where it meets its old support/resistance zone from May this year

Total market cap analysis

Just like in the days before, the overall market is still glued below the resistance level of $219 billions. We need to gain momentum to test this zone before any significant bull run is to be expected.

Here is a guide how to store XLM and this one is on long term Stellar prediction.

What can give an impetus for a move up? Right now, no fundamentals of significant magnitude are on the horizon and the only thing that could prop the market up is either whale manipulation or another round of Tether printing.

The Crypto fear and greed index is also looking much better as the needle travels north, reaching the 39 points on this scale that uses 5 different source of information to calculate its value – Volatility, volume, social media, google trends, dominance. As a reminder, the pointer stooped to the levels of 20-25 points only couple of days ago. So the sentiment is on the rise.

Latest Crypto Fear & Greed Index

Other XLM News

The Stellar Development Foundation has tabled a proposal to do away with the inflation mechanism in the Stellar Lumens (XLM) protocol. The Foundation published a blog post announcing the proposal to the community, explaining that the mechanism isn’t serving its intended purpose.

The proposal to eliminate XLM inflation will now be subject to a vote by the validator nodes on the Stellar network.

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Stellar Developers aim to Remove Inflation From the Ecosystem

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Inflation is a curse in the financial sector. Even in the cryptocurrency world, it is an issuance model best avoided altogether. The Stellar Foundation acknowledges it may be best to get rid of these excess assets altogether. Although first proposed a year ago, the team is now ready to remove the inflation mechanism from its ecosystem altogether. 

STELLAR HAS INFLATION

Contrary to what most people may think, Stellar is a digital asset which effectively has an inflation mechanism. As it is not a traditional cryptocurrency like Bitcoin or Ethereum, having such a mechanism does make a fair bit of sense. It is a project dedicated to streamlining and disrupting traditional finance, an industry where inflation is almost a must to survive in the long term. However, there have been people who genuinely oppose this mechanism in Stellar, and they have been quite vocal about it. 

In fact, one could argue the inflation rate of Stellar should have been removed last year. Several meetups were organized since October 2018 to openly discuss this matter and find a potential solution. Even the developer google group saw quite a few discussions regarding this particular mechanism and how it would affect Stellar now and in the future. It is crucial for teams to weigh the pros and cons before making a decision. That verdict now comes in the form of removing the current inflation mechanism. 

WHAT WILL CHANGE EXACTLY?

The reason to remove this mechanism from Stellar comes at an interesting time. According to the developers, the current system doesn’t benefit the ecosystem or any projects being built on top of Stellar right now. Even the projects which already exist do not see any use from this concept whatsoever. Initially, the developers wanted to use this as a mechanism system, but it has become rather apparent inflation is not the right way to go about things. 

The current plan of approach is to simply modify the inflation operation so that it can’t do anything. This requires very little changes when the new Core upgrade is submitted to the public. Causing minimal fraction for all users and developers is always a favorable course of action. However, this approach needs to be voted in by the network. All network participants will be determined if they want to accept this release. It will be up to validator node operators to give users the option to cast their vote in this regard.

LOOKING TOWARD THE FUTURE

To this date, there are some Stellar projects which “rely” on this inflation curve. They do not need to worry, as the Stellar Foundation will continue to offer research and quarterly grants to projects building vital infrastructure. There is also the Stellar Community Fund which will play an increasing role of importance moving forward. As far as the inflation funds being kept by the Stellar Development Foundation is concerned, the holdings will be made public in the coming months. How the funds will be distributed, remains undecided at this time. 

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