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Stellar Price Analysis: XLM Token price Falls Back Into The Rising Channel

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  • XLM token price approaches the crucial resistance level of the $0.30 mark that has pushed the price lower.
  • The rising 20 and 50-day EMA may soon give a bullish crossover.
  • The pair XLM/BTC trades at 0.000006928 BTC with an intraday rise of +1.24%.
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XLM Token’s prices have successfully broken above the resistance trendline after finding demand near the $0.21 mark. The up move from the demand near $0.21 has resulted in more than 40% in the XLM token price.

But, more importantly, the bullish-up move helped the price rise in the V-shaped recovery pattern that supported the underlying bullishness grow even further.

If the price holds on to bullish momentum, investors could expect a bullish rally around 30% to 50%. However, if the price makes a dramatic decline, investors can expect the same positive percentage to be lost.

The current market price for the XLM token is $0.2864. As a result, intraday market capital has risen by +2.09%. However, intraday trading volume fell by +28% due to the rejection of higher prices.

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The XLM Token Price Under Rising Channel Pattern

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After facing rejection close to the resistance trendline, XLM token prices have been moving lower. However, the support level of $0.28 might soon get breached by the coin price, which could provide a bearish push for the token price to move to the $0.27 mark.

According to the price action, the coin price could support the $0.25 and $0.21 marks. However, if the bearish trend reverses, the price could fall if there is opposition at the $0.30 level.

The RSI indicator, which is bullish, indicates a gradual and steady rise in the slope.

The ADX indicator signals a rise in trend momentum.

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Conclusion: XLM Token price has reached a strong resistance level at $0.30, which may act as a supply area to push the price lower to resonate in the rising channel pattern in the 4-hour chart.

Investors with bullish hope may find an entry spot at the support trendline in the 4-hour chart. However, one should be careful of a bearish fallout as the price is opposed in the downfall.

Support: $0.25 and $0.21

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Resistance-$0.30

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Stellar To Launch New Europe-Africa Payment Corridor With This Partner

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The Stellar ecosystem continues to expand. Today they have announced a partnership with global payments company Flutterwave to launch two new payment corridors between Europe and Africa.

To be supported by the Stellar network with their main EU anchor TEMPO, a payment institution that offers its services for the corporate sector, the corridors will process transactions with USDC.

In that way, the partners seek to provide a simplified way of sending remittances between the two continents. Thus, the collaboration could create a positive impact throughout the African region as it provides businesses with friction and accessible digital payment method.

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To achieve this objective, the XLM-based companies Flutterwave and TEMPO will create an “affordable Pan-African payments infrastructure”.

In doing so, the partners expect to gain more adoption and acceptance as an alternative payment system as opposed to the more expensive and restricted payment companies in the traditional sector.

The CEO at Flutterware Olugbenga Agboola claimed in a press release shared by the Stellar Development Foundation (SDF) that sending money to the Sub-Saharan region is one of the most expensive processes worldwide.

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In that sense, their partnership with the SDF tries to make the process more cost-efficient and accessible. Agboola said the following:

Our new payment corridors on Stellar will allow us to continue expanding the Flutterwave network to bring all-important, cost-effective money transfer services to African business owners.

Africa And The Future Of Payments Power By Stellar

Africa and the Sub-Saharan region have one of the larger unbanked populations in the world. The partners attempt to bring inclusivity and financial access to the millions of people living under these circumstances by reducing remittance costs and proving access to financial services.

Suren Ayriyan, CEO at TEMPO, said the partnership is an exciting step into their expansion using Stellar rails. Ayriyan added:

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Customers across Europe will be able to send funds faster and at a lower cost to support their families and conduct business in Africa, landing funds right into their local bank account. We hope to continue working with Stellar anchors to exponentially increase our currency corridors and offerings, providing cheap, secure and fast global money transfers to all TEMPO customers, both existing and new.

Finally, Denelle Dixon, CEO and Executive Director of the SDF called the collaboration with TEMPO and Flutterwave a new advancement to leverage crypto-based technology to improve the financial system. Dixon said:

Flutterwave is doing important work in a region that has been historically underserved, and SDF is committed to helping them create a tangible impact on financial access and inclusion across the African continent and beyond.

As of press time, XLM records 2.2% and 36.2% profits in the and monthly charts, respectively. The cryptocurrency has seen an important price surge due to the constant expansion of its ecosystem.

Stellar XLM XLMUSDT

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Stellar’s XLM won’t face the same legal issues in the US as Ripple did

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  • Ripple and XRP are still battling with the SEC nearly a year after the lawsuit was first filed.
  • Due to the inherent similarities between the target space of XRP and XLM, some speculate that the regulators might target Stellar next.
  • XRP and XLM prices are both hinting at the possibility of a 100% ascent in the near future.

The United States Securities & Exchange Commission’s (SEC) lawsuit against Ripple and XRP has moved from something that was supposed to be quick to a battle of attrition. The SEC served Ripple for selling unregistered securities on December 22, 2020, but the payments company has continued to make progress in the east, where it is welcomed.

While there seems to be no end in sight for this lawsuit, some speculate that Stellar, a strikingly similar cryptocurrency project, could be what the SEC  goes after next. 

This article takes a look at the differences, similarities and possibilities if the regulators ever turn their sights on stellar Lumens.

Ripple and Stellar: The remittance brothers

Despite the fact that much of its history is shrouded in mystery, Ripple Labs, more commonly known as Ripple, is the company behind XRP. The token is designed as a payments, liquidity sourcing and transaction settlement mechanism that uses the federated Byzantine agreement consensus protocol released in 2012.

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Ripple is currently the company that looks after the XRP Ledger and its developments.

Stellar, on the other hand, takes a slightly different approach. It is an open-source, distributed payment network that uses the Stellar Consensus Protocol.

Like XRP, XLM is the native asset of the Stellar blockchain that runs on the federated Byzantine agreement system that was launched in 2015. Unlike Ripple, Stellar Development Foundation (SDF) looks after the development of XLM.

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Chris Larsen and Jed McCaleb co-founded Ripple, but McCaleb left to start Stellar due to disagreements in the team. Moreover, both tokens are looking to solve a similar cross-border payments problem and are positioned with the right partners to do the same.

While institutions are actively seeking investment opportunities in the cryptocurrency space, they are cautious due to the fuzzy nature of regulators’ stance on digital assets. Bitcoin and Ethereum, for example, are the institutional investors’ favorite, because they are deemed commodities. However, XRP, XLM and other cryptocurrencies do not have this distinction, keeping these high net-worth individuals from taking a stake in altcoins.

Let us take a look at some of the key differences between XRP and XLM.

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Key differences between Ripple (XRP) and Stellar (XLM)

While these differences are stark, what puts Ripple and XRP in trouble and kept Stellar and XLM safe boils down to two things:

The entity responsible for XLM is labeled “non-profit” while Ripple is not. This subtle demarcation is what puts XRP in the regulators’ crosshairs.

The New York Department of Financial Services (NYDFS) gave XLM a go-sign to trade on New York exchanges.

In a December 3, 2019 press release, the NYDFS granted Virtual Currency licenses to 24 cryptocurrencies like Bitcoin, Bitcoin Cash, Ether, Ether Classic, LiteCoin and Stellar Lumens.

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The announcement added,

The Department’s approval of SoFi’s virtual currency and money transmitter licenses provides consumers with more choices in a continuously evolving global financial services marketplace.

The press release mentions handing out two licenses – virtual currency and money transmitter licenses – which puts XLM in the safe zone and leaves XRP vulnerable.

The two licenses will allow SoFi Digital Assets to offer its New York Customers the ability to buy and sell virtual currency. The company is authorized to support the virtual currencies Bitcoin, Bitcoin Cash, Ether, Ether Classic, LiteCoin and Stellar Lumens.

While XRP received a BitLicense in 2016, it allowed Ripple to sell XRP for institutional investors or use it for their products like xRapid.

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Despite the lawsuit and the ramifications, Ripple seems to be gaining ground. However, nothing is for certain until the case is finalized. The same holds for Stellar and XLM, which is currently away from regulators’ prying eyes.

Regardless of the hurdles or developments from both sides, the technical aspects of XRP and XLM look bullish.

XRP price poised to double shortly

XRP price is forming a rounding bottom on a weekly chart that extends to its all-time high of $3.317 in 2018. To complete this technical formation, Ripple needs to rally at least 152%. This move will put XRP price at $2.750. Beyond this point, the remittance token is likely to make a run at the all-time high and run past it to set up a new one.

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Using a trend-based Fibonacci extension between the 2020 low at $0.114, April 12 swing high at $1.967 and the June 21 swing low at $0.509 reveals the first target at $8.78. This run-up would constitute a 725% ascent from its current position.

XRP/USD 1-week chart

XRP/USD 1-week chart

While things are looking up for XRP price, a breakdown of the uptrend by producing a lower low below the recent swing low at $0.858 will invalidate the optimistic scenario for Ripple. 

XLM price remains strong

XLM price also shows a bullish outlook as it forms a cup-and-handle on the weekly chart. This setup contains a rounding bottom known as the cup, often followed by a minor downswing called the handle, hence the namesake cup-and-handle.

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This pattern forecasts a 1,830% upswing, obtained by measuring the distance between the right peak and bottom of the cup and adding it to a breakout point.

For XLM price, adding the 1,830% to $0.716 reveals a theoretical target at $13.78.

XLM/USD 1-week chart

XLM/USD 1-week chart

Regardless of the optimism, if XLM price produces a lower low below $0.234, it will invalidate the bullish thesis and potentially trigger a further descent.

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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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