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Stellar

XLM Soars 24 Percent, While 264.8 Million XLM Gets Moved by Stellar and Whales

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Over the past 20 hours, over 260 million XLM have been transferred by SDF and crypto whales; meanwhile, XLM has surged by over 24 percent

Over the past 20 hours, Stellar Development Foundation and crypto whales have shifted an approximate aggregate amount of over 260 million XLM.

In the meantime, the tenth-largest cryptocurrency has surged by over 24 percent due to multiple factors, including DOGE coin—as many in the crypto community believe.

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Stellar’s XLM surges to $0.31, here’s why

The tenth cryptocurrency with the largest market cap has demonstrated a rise of over 24 percent and hit $0.31 after going up from $0.28. A CoinMarketCap chart shows that, earlier today, it managed to reach even higher, to $0.35, but then made a slight pullback.

Many explain the surge of XLM by the hype around DOGE and its rapid rise by over 347 percent over the past 24 hours.

Charts also show that XLM has broken out of a descending triangle that has been forming since the early days of January.

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XLMImage via CoinMarketCap

Stellar invests $5 million in Wyre DLT payment firm

Besides, recently Stellar Development Foundation (SDF) invested $5 million in Wyre, a major company that conducts blockchain-based payments. The investment was announced on Jan. 26.

This investment will enable fintech apps based on Stellar to use multiple API-based payments. This will also enable Stellar-powered USDC trading against existing pairs with fiat currencies (GBP, USD, EUR, etc.). The second most popular USD-based stablecoin is set to go live on Stellar in Q1 of this year.

264.8 million XLM shifted by SDF and whales

According to data shared by Whale Alert, over the past 20 hours, a mammoth 264.8 million XLM has been transferred from and to crypto exchanges and between anonymous wallets. In fiat, this sum represents $87,669,644.

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Half of this amount was wired within just two hours. Stellar Development Foundation transferred 19,740,998 XLM from this whopping amount. That equals $5,369,544.

XLM

 

Image via Twitter

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Ripple

XLM May Get in Trouble If XRP Deemed a Security: XRP Researcher

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A researcher from the XRP community believes that XLM and Stellar may get in trouble should the SEC deem XRP a security

Researcher Leonidaz Hadjiloizou has posted a tweet, in which is asks the opinion of the XRP community about which side in the Ripple-SEC legal battle the company’s co-founder and former CTO Jed McCaleb would take, if he were to do it.

According to Hadjiloizou, should the SEC win and XRP is deemed a security, then Jed and his company Stellar which he created as a rival to Ripple will be in for hard times. If the court rules that XRP is a security, then McCaleb broke the law by selling these potentially unregistered securities – 9 billion of them that he received from Ripple as compensation as part of the Settlement Agreement.

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Besides, Hadjiloizou says that if XRP is announced a security, then the native token of Jed’s Stellar, XLM, may also get in trouble and, perhaps, face similar accusations.

So far, no legal action has been filed by the SEC against Jed McCaleb, even though he co-founded Ripple Labs together with Chris Larsen. The latter and the CEO Brad Garlinghouse, along with Ripple Labs, are the defendants in this legal case of the SEC against Ripple.

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Jed has been selling his 9 billion XRP in parts, however, he has not sold any coins since September 1.

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Stellar

A New Initiative is Launched by Stellar to Accelerate Blockchain Education

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Stellar Development Foundation launched a new initiative with a considerable focus on blockchain education. The new so-called Stellar Next-Gen is focused on helping tomorrow’s business leaders and developers.

It’s clear that these developers and business leaders will be chosen from those who are interested in blockchain technology and work in the industry. Universities and various education centers will world with SDF in this initiative. The new initiative is toward the goal of SDF to create access to the global financial system for everyone.

Another Opportunity for Blockchain Lovers

Many small teams and junior developers are looking for opportunities to enter the blockchain industry. Many of them have big ideas, and many are looking for some help from experienced teams and companies. Stellar Development Foundation is among the big supporters of new teams and ideas in technology. It has many initiatives and funds for supporting new faces.

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The latest announcement from the Foundation is toward this goal, too. Another initiative, this time, focused on blockchain education. Stellar Next-Gen is a new initiative from SDF that works in partnership with universities around the world.

One of the biggest goals of Stellar Next-Gen is to support academic programs and organizations around the world. Some of the examples are Blockchain at Berkeley, University College of London’s Centre of Blockchain Technologies, and the National University of Singapore’s Fintech Lab. Another goal is focused on underrepresented groups. SDF wants to help communities around the world find easier access to educational material of the blockchain industry. The Foundation sponsors student hackathons to help younger developers.

Creating an inclusive community is among the top priorities of SDF Next-Gen. Denelle Dixon, the CEO and Executive Director of the Stellar Development Foundation, said:

“To build a more inclusive financial system, we have to provide students of all backgrounds the opportunity to learn the ins-and-outs of blockchain technology.” They must be empowered to see themselves as part of the solution. This initiative builds on our ongoing work with universities and organizations to make sure the next generation of builders is equipped with the information, tools, and mentorship they need.” 

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The latest initiative from SDF won’t be the last program to support new faces in the industry. The Foundation is committed to attracting more developers and ideas to the community, especially the Stellar community. There will be more events and learning programs that are focused on every developer or manager that is interested in blockchain technology.

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Stellar

Stellar to boost network utility with new Matching Fund as XLM edges closer to breakout

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  • XLM price is stuck between $0.342 and $0.318 barriers as it ponders on a directional bias.
  • Stellar launches the Matching Fund to help early-stage companies interested in building on the XLM blockchain.
  • A decisive close above $0.342 and $0.355 will open the path for a retest of $0.426.

XLM price has been consolidating since the October 6 rally. In fact, Stellar looks to be on a slow downswing. Due to this development, the altcoin has slid between a stiff resistance level and a stable support floor. Therefore, XLM price needs to shatter either of the barriers to kick-start a move.

Stellar launches the Matching Fund

The Stellar Development Foundation (SDF) has been on a roll as it recently announced the partnership with MoneyGram on October 6 and also revealed the launch of Matching Fund on October 8.

This development from SDF comes as an extension of its strategic venture-style investments to help grow the Stellar ecosystem. Matching Fund falls within the purview of the Enterprise Fund and will invest in or fund early-stage companies that are in the pre-Series B level and are building on the Stellar blockchain.

The blog stated,

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The Matching Fund will match up to $500,000 USD in investment made by a lead investor in a company and processes deals through an expedited process.

Moreover, the Enterprise Fund will continue to support investments across all stages but shift to later stage investments up to Series E (pre-IPO).

With Ripple/XRP, its main rival facing the SEC, Stellar/XLM has received a wide birth to make headway in the remittance industry. Stellar is making good use of this freeway as it recently announced a partnership with MoneyGram, who broke off the collaboration after the SEC sued Ripple.

XLM price vies to head higher 

XLM price rose roughly 15% on October 6 on the MoneyGram announcement and sliced through the $0.342 resistance barrier. This uptrend set up equal highs at $0.358. However, soon after the local top, Stellar buyers failed to sustain this ascent, leading to a downswing to $0.325.

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Therefore, the $0.342 and $0.358 barriers currently serve as resistance barriers, and XLM price needs to overcome these to have any upswing opportunities.

A decisive close above $0.342 will be an initial confirmation that the buyers are interested, but a 12-hour candlestick close above $0.358 will set up a higher high and indicate the start of a new uptrend. In this case, XLM price could rally and tag the $0.426 supply level, constituting a 26% ascent from the current position.

XLM/USDT 12-hour chart

XLM/USDT 12-hour chart

While things are looking good for XLM price, a failure to slice through $0.342 and $0.358 will reveal a weakness among buyers or absence of buying pressure. In such a scenario, Stellar will likely revisit $0.300, a breakdown of which will invalidate the bullish thesis.

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