The weekly chart for Stellar (XLM) shows a significant 22% increase following the announcement that Coinme has integrated USDC on the Stellar platform.
This new integration means that millions of Americans now have the ability to conveniently and affordably cash in and out of USDC at thousands of Coinme-enabled locations across the United States.
The cryptocurrency has experienced a significant surge in value since March 29, with the cryptocurrency’s price surging above the resistance level of $0.100. Currently, XLM is trading at $0.1092, marking a 5% increase over the last 24 hours. The 24-hour trading volume has risen by 35%.
After establishing a strong support base above $0.0750, XLM saw a substantial increase above $0.080 on March 13, pushing towards a key resistance level of $0.09067.
The price has gained over 20% in the past week alone and successfully cleared the $0.10 resistance zone, surpassing even the $0.110 level. As of today, the price has hit a high of $0.1127 and is presently consolidating gains.
A major bullish trend line is also emerging, with support near the $0.010 mark. On the upside, the primary resistance level is currently located at around $0.120. However, if XLM’s price struggles to continue its ascent, it may initiate a downside correction.
Stellar (XLM) Price Driving Factor
Coinme, a top cryptocurrency cash exchange in the United States, has partnered with the Stellar Development Foundation to launch Circle’s USDC on Stellar via the Coinme wallet.
The move will increase access and enhance the user experience of USDC, which is a fully-reserved dollar-backed digital asset, and promote financial inclusion. The integration offers millions of Americans who are unbanked or underbanked a new option to access digital finance.
With Coinme’s vast cash network, USDC, and the Stellar network, anyone with cash can now utilize the Stellar blockchain to access a fully-backed dollar digital currency.
Coinme powers the largest crypto cash network via API technology, with a nationwide footprint of over 40,000 locations. It makes it simple and affordable to cash in, cash out, send, and receive USDC on the network.
This strategic collaboration with Coinme empowers more people with access to the digital economy, said Denelle Dixon, CEO and Executive Director of Stellar Development Foundation.
CEO and co-founder of Coinme, Neil Bergquist, also commented on the partnership:
The combination of Coinme’s vast cash network, USDC, and the Stellar network is a game changer for the cash remittance and payments market.
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