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Stellar

Here’s how Ripple rival Stellar aims to disrupt Africa’s enormous remittances market

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A new Europe-Africa payment corridor will be enabled in a partnership between Stellar and Flutterwave. The announcement shows a very strategic and crucial step for Stellar in expanding cross-border services and growing the ecosystem.

This partnership means a lot for those who need remittance corridors between the two regions, especially those African citizens who work in Europe. The result of the partnership is the launch of two new corridors between Europe and African on the Stellar blockchain.

Cross-Border Payments Solved

One of the best solutions of blockchain technology for financial systems is cross-border payment. Sending and receiving money between countries has always had many challenges due to regulations and infrastructure burdens.

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Now, the decentralized architecture of blockchain and numerous products on it makes it possible to have cross-border payments very easier. There are some blockchains that mainly focus on this solution and have been successful in serving many users worldwide. One of the most popular ones is Stellar.

The new partnership with Flutterwave helps Stellar expand its ecosystem to more countries. Two new corridors are launched between Europe and Africa on Stellar. These corridors will help businesses that plan to build remittance services. The new services will be more efficient and cost-effective because of using the Stellar infrastructure.

Flutterwave plans to expand the partnership with Stellar gradually. The company is focused on adding new services to more countries in Africa. Besides, more currencies will be supported to complete the services.

Sending and receiving cross-border payments in African countries has many challenges and is often very expensive. The new solution by Stellar and Flitterwave may solve many of the challenges. Olugbenga Agboola, CEO at Flutterwave, said

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“It is more expensive to send money to sub-Saharan Africa than to any other region in the world. 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.”

The new partnership can be more useful when more Stellar-based companies are connected to each other. For example, TEMPO can now connect with Flutterwave and create an affordable, efficient payment infrastructure in the region.

These partnerships surely support the vision of Stellar Development Foundation in providing easy access to financial services for everyone. Unbanked citizens worldwide are always a target group for organizations like SDF. New blockchain-based services can help these people by providing easy access to financial services. It’s the reason SDF supports initiatives from companies like Flutterwave and partners with them.

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XLM

XLM Spikes 10% as Stellar CEO Is Set to Testify at Full Committee Hearing

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XLM Price Prediction

The CEO of Stellar Foundation, Denelle Dixon, will testify as a witness at a hybrid hearing on Dec. 8

Denelle Dixon, CEO of Stellar Development Foundation, is set to testify at a full committee hearing. The price of XLM, Stellar’s native crypto asset, is up 10% in the last 24 hours.

XLM/USD Daily Chart

XLM/USD Daily Chart, Courtesy: TradingView

The Stellar CEO, in her words, “feels honored to testify at next week’s full committee hearing on digital assets and the future of finance.” Representative Maxine Waters, Chairwoman of the House Committee on Financial Services, made the announcement. On Dec. 8, the full committee will have a hybrid hearing.

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In a recent release, Representative Maxine Waters, chairwoman of the U.S. House Committee on Financial Services, has invited cryptocurrency CEOs to testify at a scheduled hearing on “Digital Assets and the Future of Finance.” Jeremy Allaire, CEO of Circle Pay, Sam Bankman-Fried, CEO of US FTX Exchange, Brian Brooks, CEO of Bitfury Group, Chad Cascarilla, CEO of Paxos Global, and Denelle Dixon, CEO of Stellar Foundation, will testify as witnesses in the Dec. 8 hybrid hearing.

Stellar (XLM) traded in an indecisive trend for most of November. However, bulls suddenly reemerged, leading to a retest of the $0.36 high on Dec. 3. Litemint, a longtime ecosystem participant, launched its non-fungible token (NFT) marketplace, enabling users to mint NFTs on Stellar.

XLM was trading at $0.358 as of press time.

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XLM price stuck in pennant, with bullish breakout holding 40% gains

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  • Stellar price action is getting squeezed from both sides, forming a pennant.
  • As the RSI dips to the lower end of the index, expect bulls to stand ready for a pop higher.
  • Seeing momentum build, $40 will not stop the rally which could overshoot towards $0.46.

Stellar (XLM) price has been stuck in a downward trajectory for most of November. It has only been since November 27 that bulls have advertised their presence by posting higher lows. Now a pennant has formed, and as it unravels expect a bullish breakout that could see a violent move, followed by an acceleration higher between $0.41 and $0.46.

XLM has bulls gearing up for the rally

XLM price has not been able to provide any solid numbers for November. After hitting a cap at $0.44, on November 11, price has been on the back foot ever since.It is only since November 26 that bulls seem to have reemerged with a blue ascending trend line where lows are getting progressively higher. 

The late entry of the bulls in XLM price action makes sense, as bears were grinding down the price action very slowly, which resulted in a very slow drip in the Relative Strength Index, keeping the incentive alive for bears that there was still more downside to come. In recent moves, however, the RSI started to bottom,  offering more limited gains for bears wishing to short Stellar price. With bears starting to doubt if XLM will ever correct towards $0.25 or $0.25, for that matter, bulls have a chance to strike quickly and squeeze bears out of their positions.

XLM/USD daily chart

XLM/USD daily chart

A self-fulfilling prophecy is in the making then, as bears will want to close their positions and book profits, increasing demand for XLM. This will likely lead to an explosion in buy-side volume and see price run up rapidly, taking out the monthly pivot at $0.36 and the historical resistance at $0.40. The next level to watch will be $0.46, which may be where bulls first pause, otherwise, the RSI would be at risk of swinging towards overbought too rapidly. 

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The only element that could disturb the strategy currently unfolding, is if more headwinds arise from concerns surrounding covid variants. XLM would then see its pennant breaking to the downside and testing $0.28, possibly even with an attempt towards $0.26, which was held successfully at the beginning of October. Should that break, however, expect bulls to step in and defend $0.20, a key psychological level at the June as well as the July lows.

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Stellar price analysis: Price takes upturn to $0.342 after bullish drift

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  • XLM value has improved up to $0.342.
  • Stellar price analysis confirms bullish trend.
  • Support is fixed at $0.307 level.

The bulls have successfully made a comeback in the last 24-hours because of the sudden rise in buying activity. The bulls have been maintaining their leading position for the past few days as a constant rise in XLM/USD value can be determined. Today, the price showed a bullish inclination once again due to buyers pressure. The uptrend has enhanced the coin value up to $0.342 high.

XLM/USD 1-day price chart: Price gains stability above $0.342 after bullish trend

The one-day Stellar price analysis shows increasing chances of recovery for the bulls as a rise in XLM/USD value is observed. The price covered an upward movement today; as a result, the coin value has heightened up to $0.342. This is a promising sign for the buyers, as earlier, the situation was quite critical because of the downswing. The price is now standing higher than its moving average (MA) value which is $0.333.

Stellar price analysis: Price takes upturn to $0.342 after bullish drift 1

The volatility is decreasing because of the constriction between the Bollinger bands, which is a positive sign regarding the upcoming trends. If we talk about the upper Bollinger band, its value is $0.389, whereas the lower Bollinger band shows $0.307 of value. The Relative Strength Index (RSI) score is at 47.92 now after the recent upturn.

Stellar price analysis: Bullish rally elevates coin value up to $0.342 peak

The four hours Stellar price analysis confirms a strong bullish trend as the price has undergone an extraordinary improvement in the last few hours. The overall recovery has been phenomenal as the price has surpassed the $0.342 hurdle in the last four hours. It can be highly expected that the price will soon cross the $0.346 resistance in the next few hours. The moving average value in the four hours price chart is standing at $0.333.

Stellar price analysis: Price takes upturn to $0.342 after bullish drift 2
XLM/USD 4-hours price chart. Source: TradingView

The volatility is increasing, which is alarming as more downtrends might come ahead. The upper Bollinger band value has thus changed to $0.346, whereas the lower Bollinger band value has now shifted to $0.306. The RSI score jumped high to 61.58 as the bulls have been leading the market for a while.

Stellar price analysis: Price takes upturn to $0.342 after bullish drift 3
XLM/USD technical indicators chart. Source: TradingView

A strong rise in selling activity has been observed over the span of the past few months. Hence the technical indicators chart supports the bears. There is a selling indication with 11 indicators on the selling mark, ten indicators on the neutral, and five on the buying mark.

The Moving Averages Indicator is also dictating loss for the cryptocurrency by giving a bearish signal. There are ten indicators on the selling position, four on the buying, and only one in the neutral position. The oscillators show a neutral trend for the day as nine oscillators are on the neutral level, while one oscillator each is on the selling and buying levels.

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Stellar price analysis conclusion

The hourly and daily price predictions for XLM/USD are going in the bullish direction for the day because of the sudden recovery. The uptrend is at its peak as the price has reached $0.342 height in the last 24-hours. Further upside is to follow in the next few days if the buyers put in efforts to achieve their next target.

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