Stellar is one of the innovative technologies in the market, and it is one of the leading competitors of Ripple. Stellar has made significant gains this year, and it was one of the worst-hit tokens during the May market crash. However, despite losing over 70% of its value, Stellar has managed to show remarkable resilience.
Stellar is trading at $0.261 at the time of writing after a 5.6% gain in 24 hours.
Stellar Price Analysis
Stellar’s current trend shows a robust bullish flag that could positively impact holders in the long term. If the bulls continue, XLM will soon break past the $0.28 resistance before heading to another bullish run past $0.30. The market and buying support is currently strong; hence the uptrend shows strong signals of continuance.
Market signals are currently showing a buy signal for XLM, and if more buyers jump in, we could see XLM consolidating at $0.25 even if market support fails.
On the other hand, XLM could fail to maintain the uptrend, primarily if another slump exists in the broader market. When this happens, XLM will be headed towards $0.20, but strong bears will jump in if there is a solid retreat to below $0.20.
Despite signs of mild volatility, the upswing is the more likely path that XLM will follow, given the strategic developments taking place within the Stellar ecosystem. Recently, rumours that Stellar is in the process of acquiring MoneyGram led to a 14% breakout in XLM.
MoneyGram is one of the largest remittance providers in the world. In a recent Bloomberg report, the Stellar Development Foundation is reportedly working with Advent International, a private equity firm, to help in the acquisition. The partnership will facilitate fast and cheap cross border payments and remittances using Stellar tokens.
MoneyGram had initially partnered with Ripple, but the remittance firm got out of the deal after Ripple’s legal woes with the US Securities and Exchange Commission. Once the acquisition deal goes through, it will be a significant win for XLM.
Where to Buy XLM
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