Stellar Price Up by 3.50% – Time to Buy XLM Coin?
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- Ethereum declined 0.20 percent to $4,075, while Solana rose 1.22 percent to $190. Likewise, Stellar rose 3.50 percent to $0.2910
- Stellar is a fantastic example of a company that can run circles around SHIB in 2022.
- Stellar price prediction remains bullish above the $0.2880 trading level.
On Saturday, Stellar is trading with a solid bullish bias at 0.2904 level, having surged 3.50% so far. Stellar price prediction remains bullish amid an optimistic fundamental and technical outlook. Anything related to dApp development and/or the metaverse has recently become unstoppable in the crypto sector. However, don’t overlook the promise of financial-focused, blockchain-based payment networks.
Stellar in highlights amid speedy processing
Stellar is a fantastic example of a company that can run circles around SHIB in 2022. Cross-border payments might take up to a week to process and settle using existing infrastructure. That is inefficient, but it is something that consumers and businesses have become accustomed to for decades. Stellar converts fiat currency to the network’s protocol token (XLM, also known as a Lumen), sends it to its destination and then converts it back to the fiat currency of choice. Even across borders, the entire process takes only a few seconds.
It’s also a really low-cost method of money transfer. For instance, on the Stellar network, the average transaction fee is only 0.00001 XLM. Based on its closing price on December 21, it would take almost 370,000 transactions before a user would even incur a $1 fee. So when you compare that to the wire charge at your local bank, you’ll understand what a steal Stellar’s blockchain network can be.
With growing interest in blockchain and crypto as a whole, this might be a good opportunity to buy Stellar and rise with the market.
SDF to work with Visa and Tala
Another thing to note is that Stellar has real-world collaborations. For instance, the Stellar Development Foundation is working with Visa and digital financial services company Tala to deliver financially focused blockchain solutions to underdeveloped markets. It has also collaborated with IBM and a dozen South Pacific institutions to explore blockchain-based cross-border payments.
A surge in Cryptocurrencies support XLM/USD
The world’s largest cryptocurrency, Bitcoin, increased by more than 1% to trade at 50,851 today. The cryptocurrency’s market capitalization rose to $930.898 billion. Whereas, the worldwide crypto market valuation is now at $2.30 trillion, a 2.18 percent increase.
Other cryptocurrencies were trading higher today as well. Ethereum declined 0.20 percent to $4,075, while Solana rose 1.22 percent to $190. Likewise, Stellar rose 3.50 percent to $0.2910.
Jack Dorsey Support Bitcoin
Former Twitter CEO Jack Dorsey has stated that Bitcoin will eventually replace the US dollar. Dorsey has always been a fan of Bitcoin and is also the co-founder and CEO of Block, formerly Square Inc., a financial services company. Cryptocurrency prices have recently soared due to remarks from billionaire Elon Musk and Ark Investment Management LLC’s Cathie Wood. Elon Musk stated in late July that Tesla would “very likely” resume accepting bitcoin as payment.
The remark aided the cryptocurrency’s ascension past the $30,000 mark. In May, the electric vehicle manufacturer announced that it would no longer accept cryptocurrency. Instead, Bitcoin has had a wild trip over the previous three years.
Stellar’s development in 2021
The Stellar Development Foundation (SDF) has released the year-end numbers for their ecosystem and the underlying network. The measurements presented by Denelle Dixon, Executive Director and CEO of the SDF, indicated a considerable increase across the board.
According to the SDF study, the Stellar Network had a 32% increase in total accounts in 2021 compared to 2020. The total number of accounts is 6 million.
The Stellar Network, on the other hand, has processed over 1.8 billion total operations, a 127 percent rise since 2020. The total assets available on this ledger have increased by 945 percent over the same period, from 8,639 to 90,297.
According to the SDF, the increase in these data indicates a growing interest in the Stellar Network. In that regard, they added the following while displaying more data about “relevant assets”: It’s not simply about network expansion. Instead, we monitor the increase of relevant assets — assets linked to genuine financial instruments – as well as relevant asset transactions. Since the beginning of 2021, we’ve seen a 11% increase in relevant assets and a 2.3x increase in the daily transaction volume of these assets.
As a result, the Stellar ecosystem has grown. This year, the SDF records almost ten new anchors joining the network. This implies a 33% increase from 2020. This network has 30 anchor services, as seen in the graphic below. The majority of these entities are found worldwide, with a disproportionate number in North America, Latin America, and Africa.
The Year 2021 Will Be Marked By Significant Partnerships For Stellar
The SDF witnessed the deployment of stablecoin USD Coin (USDC) on the Stellar Network in 2021. The USDC is one of the most important digital currencies to transact in the crypto sector, managed by the Centre consortium, which Coinbase and Circle founded.
This year, one of Stellar’s most significant partnerships was with MoneyGram and other major corporations leveraging the ecosystem. Furthermore, the SDF’s Enterprise Fund invested more than $74 million in projects for AirTM, Tala, and Wyre.
According to the SDF, the community played a significant role in Stellar’s success this year. For hackathons and other activities, this group collaborated with over 50 colleges and thousands of students from all over the world.
According to the report, the Stellar Quest effort welcomed new developers for this ecosystem and generated over 2,700. The Stellar Community Fund, which provided over $4 million in the XLM token to be utilized for creating DeFi, NFTs, and many other use cases on this network, was also a huge success.
The SDF congratulated itself on a “tremendous” 2021 and announced its strategic goals for 2022. This involves improving Stellar’s network capacity and creativity, as well as increasing participation and “demanding and fostering diversity and inclusion.”
Technical analysis – Stellar (XLM/USD) gained support at $0.2880
Stellar price prediction remains bullish above the $0.2880 trading level. The XLM/USD coin has violated the double top resistance at the $0.2880 level, and now this level has flipped to support.
The formation of candles above the $0.2880 level supports an uptrend in XLM/USD coin. On the bullish side, the XLM/USD coin will likely face immediate resistance at the $0.2942 level. A break above $0.2942 exposes the XLM/USD coin towards the $0.3010 level. The technical indicators such as RSI and 50 EMA support an uptrend; therefore, XRP can offer excellent buy trade opportunities.
On the flip side, a spike in selling pressure can trigger a bearish breakout below the $0.2880 level. On the lower side, XRP’s immediate support prevails at $0.2815 and $0.2750. Let’s consider staying bullish above $0.2880 and vice versa. All the best.
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