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Stellar (XLM) Soars 44% With Bitso Integration For Global USDC Payments

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Stellar (XLM) is on a wild ride, outperforming its competitors and achieving remarkable gains in both the daily and weekly charts. In just seven days, the token surged by an impressive 44%, with the daily chart showing an almost 9% increase, bringing its current trading price to $0.1419. Stellar (XLM) now stands as the top gainer of the day, fueled by exciting developments within its ecosystem.

The recent victory of Ripple (XRP) seems to have acted as a catalyst, propelling XLM’s price from $0.096 to $0.153 on July 13, marking an incredible 60% surge within a mere 24 hours. 

While a slight correction followed the initial buzz, Stellar remains bullish and unwavering as it sets its sights on surpassing $0.1 and reaching an ambitious target of $0.2.

However, Stellar is not slowing down anytime soon. Technical analysis indicators overwhelmingly signal a bullish sentiment, though some point to bearish signals. The Fear & Greed Index, currently at 45.68 (indicating extreme fear), adds an intriguing layer to the mix.

Over the last 30 days, Stellar has witnessed an astounding 78.71% increase, leading to optimistic expectations for the coming month. By the end of July, experts anticipate a staggering 116.19% surge, potentially driving the value of Stellar to around $0.31.

However, caution is advised as Stellar is currently trading below the 200-day simple moving average (SMA), which has held as a reliable buying signal for the last 326 days. Additionally, the price is below the 50-day SMA, presenting a buy signal but raising concerns about potential upcoming drops.

As we approach the end of the year, the 200-day SMA is predicted to decline, potentially impacting the price of XLM, which experts forecast could dip to $0.0918 by December.

Additionally, the Relative Strength Index (RSI) stands at RSIValue, indicating a neutral position in the XLM market. The days ahead will be crucial in determining whether Stellar can maintain its bullish momentum or if bearish forces will take over.

Stellar (XLM) Price Driving Factor

XLM’s current price boost can be attributed to the announcement that Bitso, a prominent crypto exchange in Latin America, has joined forces with crypto payment specialist Stellar’s Anchor Network. 

This powerful integration aims to revolutionize the payments corridor, fostering seamless transactions between Latin America and the global market. 

Working closely with the Stellar Development Foundation, Bitso has devised an ingenious solution that empowers businesses worldwide to engage in USDC transactions with Argentina, Colombia, and Mexico. 

As stated by Santiago Alvarado, SVP of Institutional Products at Bitso, the utilization of blockchain technology and crypto assets promises to enhance settlement times and reduce overall costs. 

Impressive stats show $3.3 billion processed between Mexico and the U.S. and a remarkable 32% surge in total international transfers during the latter part of 2022. This cutting-edge collaboration unveils new possibilities for cross-border payments on a global scale.

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Ripple & Bitso Ride The Crypto Wave To Enable $3.3B In Cross-Border Transactions

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Bitso, a Mexican crypto platform and Ripple’s key partner has moved more than $3.3 billion between the US and Mexico in 2022 alone. It marks a threefold increase in the volume of funds processed compared to the previous year. 

The growth is attributed to Bitso’s partnership with Ripple, which enables the platform to offer cross-border payment solutions to its customers, facilitating financial remittances with cryptocurrencies.

According to Bitso’s Vice President of Products and B2B, Santiago Alvarado, the company has increased the number of companies and institutions using its financial services by 73% in the past year. 

Alvarado also noted the impact of cryptographic technology on improving financial services and people’s lives. Bitso is excited to continue working as a key ally to companies that seek to move their money more efficiently, in the shortest time, and at the lowest cost.

Aaron Sears, Ripple’s Managing Director for the Americas, stated that Ripple is committed to solving its customers’ real problems through crypto and blockchain technology. 

Sears believes that the strategic alliance with Bitso will enable Ripple to continue offering unprecedented cross-border payments in Mexico, an essential region for its customers. 

Ripple aims to bring means of payment to companies in Latin America and offer cross-border cryptocurrency payments to more businesses in the region.

Bitso’s international transfers are mostly done with stablecoins or cryptocurrencies like XRP, which serve as a bridge between two currencies to facilitate faster and more affordable international transactions. 

With the strategic alliance between Bitso and Ripple, the offer of transfers with the US is expected to be extended to more countries in Latin America soon. 

However, the growth of Bitso’s operations highlights the increasing adoption of cryptocurrency as a cross-border solution due to its speed and low costs.

Ripple’s Liquidity Hub For Crypto Businesses

In a recent blog post, Ripple pointed out the difficulties that crypto businesses encounter when expanding. As these firms grow and extend their reach, they often have to handle numerous liquidity platforms, which can be both complex and time-consuming.

The complexity of managing these multiple liquidity venues can increase the operational costs of a business, making it harder for them to maintain growth.

However, leveraging cryptocurrency for business operations can be beneficial, and many companies are increasingly using it to diversify their asset balance sheets and reduce merchant settlement times. Accepting crypto as payment can also help businesses generate additional revenue by attracting new customers.

Given the variety of alternatives available, selecting the best liquidity provider might be difficult. The process can be complex and overwhelming, with different requirements and varying stages of maturity and sophistication. Poor management of capital and risk requirements can lead to high operational costs and challenges.

To help solve these problems, Ripple has introduced Liquidity Hub. This product uses smart order routing to source digital assets at optimized prices from various venues, including market makers, exchanges, and OTC desks. It simplifies crypto liquidity management for businesses, making it more efficient and cost-effective.

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Bybit CEO Plans To Again Cut Off Staff Amid Bear Market

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To reduce losses, businesses are forced to reevaluate their business plans in the bear market. Bybit co-founder and CEO Ben Zhou tweeted about intentions to cut staff as part of continuing organizational changes as the company refocuses its efforts on the worsening bear market. 

One of the biggest crypto exchanges, Bybit, announced job cuts in an internal memo on June 20th. Although the organization’s size had increased internationally, the internal letter claimed that total company growth had not kept pace.

The CEO at that time claimed that by eliminating redundant tasks and creating smaller, more agile teams, he was looking at how he might assist Bybit in becoming more effective.

However, the CEO, Ben Zhou, said in its Twitter thread on December 3rd that the anticipated downsizing would affect everyone. They are all disturbed by the fact that many of their beloved Bybuddies and some of their closest friends will be affected by this reorganization. 

He also assured that they would do their best to accommodate each person’s demands and make the transition as easy as they could for their affected employees.

For those remaining individuals who will continue Bybit’s vision and goal:

It’s important to ensure Bybit has the right structure and resources in place to navigate the market slowdown and is nimble enough to seize the many opportunities ahead. That way we can continue to deliver the crypto ark to the world with even more drive and passion.

The Hardest Time For Crypto Companies, Including Bybit 

Many crypto companies decreased their workforces in November, according to statistics from the tracking website layoffs.fyi, due to the current unfavorable conditions in the cryptocurrency market.

Kraken, the most significant Bitcoin exchange in the world, announced at the end of November that it is decreasing its worldwide staff by 1,100 workers, or 30%, to meet the market’s demands. 

Additionally, at the same time, the American cryptocurrency exchange Bitfront, which was supported by the Japanese social networking company Line Corp, shut down.

Moreover, six months after terminating dozens of workers, Bitso, the largest crypto brokerage in Mexico, had again laid off workers. According to former workers, the corporation laid off roughly 100 individuals in total between Mexico and Brazil, where there were 500–600 employees.

Although the employee could not provide an exact figure, there is a rumor going around the workplace that 25% of the workforce had been let go.

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XRP Continues To Shine In Mexico As Bitso Shows Strong Numbers For MXN Pairing

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XRP movements across different markets have been a sight to behold with various players involved in daily transactions. Sticking to its belief in cross-border transactions, XRP has made several strides in regions where normal fiat movement has been difficult.

Bitso, one of the most popular Latin American exchanges has been a platform where XRP has shone and on January 6, the liquidity index touched a new all-time high for the new year. On this particular day, the daily progress was at 92 percent with the liquidity index settling at $9.417 million. This was just $800,000 shy of the ATH at $10.189 million. After having a fairly dim final month of 2019, the Bitso XRP/MXN  ATH was created on December 30.

The noticeable hike in the liquidity index caught the eye of the community quickly because while the current ATH was formed near the $10 million mark, just a month back it was near the $6 million mark. Bitso has also pushed the trading pair on its customers in a bid to grown and expand the RippleNet US-MXN corridor. The trading pair movement is not the only feature that Bitso has planned to execute in Mexico, as the organization even launched its On-Demand Liquidity in the same region.

The above-mentioned additions came at a time when XRP was just beginning to get out of the bear rut. At the time of writing, XRP was trading for $0.21086 with a total market cap of $9.137 billion. The cryptocurrency’s value had risen right after that of Bitcoin, at a rate of 7.94 percent in 24-hour. This sudden surge even lifted XRP’s low lying 24-hour market volume, now at $1.61 billion. Brad Garlinghouse, the CEO of Ripple himself stated that they can’t control the price of XRP any more than a random Bitcoin whale. In his words:

“Yes, Ripple owns a lot of XRP, we’re very interested in the success of XRP, but the accusations of us dumping, that’s not in our best interests to do that […]. We would never do that and in fact, we’ve taken steps to lock up most of the XRP we own in escrows so we can’t touch it.”