- Stellar’s XLM price has surged by 26%, outpacing XRP’s 9% gains in the past 24 hours.
- Stellar has recently announced several positive developments, including a partnership with Bitso.
- The price of XLM could potentially reach $0.20 if the current momentum continues.
Stellar (XLM) is currently the top-performing altcoin among the top 100 cryptocurrencies by market cap.
According to data from CoinGecko, the price of XLM has increased by over 26% in the past 24 hours as of 2 pm ET on July 19. This surge has pushed Stellar’s native token above $0.16, with a bullish outlook that suggests the potential for a breakthrough of the $0.20 supply level.
Stellar’s XLM Outperforms XRP
In recent days, Ripple’s XRP token has been leading the market with an upward push following its legal victory against the US Securities and Exchange Commission (SEC). Stellar has also benefited from this trend and reached highs of $0.19 last week. [Read more].
However, despite XRP maintaining prices above its pre-SEC ruling levels, it is XLM that is shining the brightest among the top 100 cryptocurrencies today.
As of writing, XRP is trading near $0.83, up by approximately 9% in the past 24 hours. On the other hand, XLM has risen from a low of $0.14 to an intraday peak above $0.16. The XLM/USD pair rebounded off the demand zone near $0.12 earlier, providing further bullish momentum seen today.
The XLM/USD pair is currently trying to find support at the resistance zone near $0.15. If the price holds above this level, buyers might aim for the primary target of $0.20 or even higher. The bullish outlook is supported by the technical chart and the positive sentiment generated by Stellar’s recent series of good news.
What Is Driving the Rise in Stellar’s Price Today?
As highlighted by CoinJournal earlier today, Stellar has announced a partnership with Latin American crypto firm Bitso, which aims to enhance international payments to Colombia, Argentina, and Mexico using USDC. In addition, Stellar has teamed up with the crypto platform fonbnk1 to provide millions of unbanked individuals across Africa with access to blockchain benefits through their prepaid SIM cards.
350 million people in Africa don’t have access to bank accounts, and only 20% of families have formal bank accounts.@fonbnk1 provides a real-world solution to this problem by turning 8 billion active prepaid SIM cards globally into virtual debit cards with Stellar. (1/3)
— Stellar (@StellarOrg) July 18, 2023
Furthermore, Stellar has recently announced a partnership with the Honeycoin App, enabling users in Kenya, Uganda, Tanzania, Nigeria, Ghana, and the UK to cash out their USDC balances at any MoneyGram location in these countries.