XLM outperforms XRP as top altcoins eye fresh bounce
XLM price rose by 26% to lead the top 100 cryptocurrencies and outshine XRP’s 9% gains in the past 24 hours.
Stellar has had a series of positive developments, including its partnership with Bitso announced on Wednesday.
XLM could bounce to $0.20 if today’s momentum continues.
Stellar (XLM) is currently the top performing altcoin among the top 100 cryptocurrencies by market cap.
According to data from CoinGecko, XLM price has spiked more than 26% in the past 24 hours as of 2 pm ET on July 19. Stellar’s native token was trading above $0.16, with a short term bullish outlook that suggests bulls could have a fresh go at the $0.20 supply wall.
Stellar’s XLM outpaces XRP
In recent days, its been Ripple’s XRP token that led the market in an upward push following its market-defining win against the US Securities and Exchange (SEC). Stellar rode that wave to hit highs of $0.19 last week. [Read more].
But while XRP remains above prices it traded at prior to Judge Analisa Torres’ ruling that XRP was not a security, its XLM that is outshining the rest of the top 100 coins today.
XRP is trading near $0.83 at the time of writing, roughly 9% up in the past 24 hours. Meanwhile, XLM has jumped from lows of $0.14 to an intraday peak above $0.16. On Tuesday, XLM/USD rebounded off the demand zone near $0.12 to give bulls new impetus seen today.
Stellar XLM price movement on the daily chart. Source: TradingView
XLM/USD is looking for a buffer at the resistance zone near $0.15. If the price holds above this level, it is possible buyers would go for the aforementioned primary target or higher. The bullish outlook is largely helped by the technical picture and the sentiment catalysed by Stellar’s recent series of great news.
Why is Stellar price up today?
As CoinJournal highlighted earlier today, Stellar has partnered with Latin American crypto firm Bitso to bolster international payments to Colombia, Argentina and Mexico using USDC. This came after Stellar and crypto platform fonbnk1 teamed up to help millions of unbanked across Africa to tap into the blockchain benefits via 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
Stellar also recently announced a partnership with Honeycoin App to enable users across Kenya, Uganda, Tanzania, Nigeria, Ghana and the UK to cash out using their USDC balances at any MoneyGram location in these countries.
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