Stellar (XLM) meteoric rise catches crypto traders off guard
TL;DR Stellar has been on the rise for the past seven days, with its price increasing by more than 20%. This rally is likely driven by Coinbase's recent announcement that USDC is now supported on the Stellar network, as well as its partnership with MoneyGram and integration with MoonPay.
Amid an ongoing struggle of the wider cryptocurrency market to retain its bullish momentum, Stellar (XLM) has been under the radar, recording gains on all of its charts, particularly noticeable in the last seven days, during which the digital asset climbed by more than 20%.
As it happens, the value of Stellar has been “going nuts, and no one is talking about it” as the price of XLM neared a critical threshold of $0.10, as observed in a chart pattern analysis shared in a tweet by the pseudonymous crypto trading expert Nebraskangooner on June 27.
Stellar price in June. Source: Nebraskangooner
Stellar price analysis
Indeed, Stellar was at press time changing hands at the price of $0.09565, which represents a gain of 4.42% on the day, as well as an increase of 20.81% across the previous week, and an 8.32% advance on its monthly chart, according to the latest data.
Meanwhile, one of the factors triggering the price spike could be the recent announcement that the crypto exchange Coinbase had introduced support for USD Coin (USDC) on the Stellar network, providing near-instant and low-cost transactions in over 180 countries.
As the team explained on its Twitter page:
“From remittances and real-time payments to global fiat and crypto on/off ramps, USDC on the Stellar network delivers real-world utility for both businesses and individuals alike.”
Furthermore, the platform has announced integration with crypto payments infrastructure company MoonPay, allowing users to seamlessly buy and sell cryptocurrencies (including XLM) across more than 160 countries around the world.
At the same time, Stellar has integrated with the money transfer platform MoneyGram to facilitate streamlined deposits and withdrawals of cash from crypto wallets via USDC on Stellar without a bank account, as the company stated on June 21.
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