Stellar (XLM) Surges 42% In One Week, What’s Pushing It?

While Bitcoin price recedes from the $30,000 support, payment solutions Stellar (XLM) and XRP continue riding the bullish wave, with Stellar (XLM) outranking top gainers today amid impressive ecosystem developments.

Determined to break all barriers to the $0.2 target, XLM painted all charts green, with a whopping 43.29% gain in value on the week. The cross-border payment facilitator has added over 8.79% to its valuation over the past 24-hour trading session.

XLM Rides On Bullish Momentum From Impressive Ecosystem Developments

Following ecosystem developments, XLM continues to soar as interest in its innovative payment and remittance solution increase. In a recent development, Stellar partnered with MoneyGram and HoneyCoin app to support global digital assets cash out with USDC across Nigeria, Ghana, Tanzania, Kenya, Uganda, and the UK.

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In another announcement, Stellar partnered with Fonbnk to provide payment solutions to the unbanked in Africa. Considering that millions of Africans lack access to banking services, Stellar’s partnership with MoneyGram and Fonbnk could bring more users to the digital finance landscape, further expanding the crypto industry.

Moreover, Stellar is now available on multiple chains, including Ethereum, Solana, Celo, and Polygon, through Allbridge’s interoperability and bridge solution. Announced on July 11, the integration marks a significant milestone for Stellar, demonstrating its utility for innovative opportunities in decentralized finance.

This feat could be among the factors pushing XLM’s price over the past seven days. Again, the token still enjoys the bullish wave of its close relative, XRP’s victory in the SEC/Ripple lawsuit. 

Stellar (XLM) Price Movement In The Last Seven Days

Over the past seven days, XLM witnessed a significant shoot-up. On July 13, when news of Ripple (XRP)’s victory broke out, XLM’s price went from $0.096 to $0.153, a 60% boost within 24 hours. Though it experienced a minute correction as the buzz subsided, XLM remains bullish, fighting for more gains to surpass $0.1 and claim $0.2. 

CoinMarketCap data shows XLM has surged more than 42% in the last seven days, bringing its value over 73% higher than it was 30 days ago. As of 6:19 AM EST on July 19, XLM’s price had added more than 21% to its past year’s value. The token’s growth in value is reflected in its over 11,173% rise from its November 18, 2014, all-time low of $0.001227. 

Stellar’s spree of cross-border payment partnerships has undoubtedly improved XLM’s trading activity. The coin’s trading volume currently surpasses $321 million, with a 130% increase in 24-hour trading volume, according to CoinMarketcap. 

An increase in trading volume often points toward two factors: large selloffs and high demand or buying pressure. However, in Stellar’s case, the price resurgence shows the bulls (buyers) are at work and may push prices near $0.2 if they persist.

Featured image from Pixabay and chart from TradingView.com