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Stellar (XLM)

Ripple’s Main Rival Stellar Sees 92% Increase In Operations This Year

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The main rival of Ripple (XRP), Stellar (XLM), a decentralized peer-to-peer network, recorded around 3 billion operations this year, approximately a 92% increase from last year, which was 1 billion.

On December 26th, the network tweeted a thread in which SDF CEO and Executive Director Denelle Dixon summarized 2022 by outlining end-of-year stats, milestone achievements, and other information.

According to the Twitter thread, Stellar handled an additional billion operations in just two quarters of last year. This year, Stellar reached almost 1 billion operations in a single quarter and attained the milestone of having more than 7 million accounts on the network. 

Additionally, the network saw a massive growth of about 172% to 3.45 million from the previous year regarding total payments. The network reported a 1.9x increase in the number of daily transactions, steadily rising since the start of this year.

This rise occurs even though they’ve tightened their reporting criteria to exclude outdated relevant assets and noticed a little drop in the number of relevant assets on the network.

2022 New Developments Of Stellar (XLM)

As they said earlier this year, the network will soon support smart contracts. Soroban, a testnet with incentives, is now operating on Futurenet and is scheduled to be live on Mainnet in the middle of 2023.

In addition, they have set up a $100 million adoption fund with the sole purpose of aiding developers who are utilizing Soroban. However, Soroban is only the beginning of the excitement.

MoneyGram launched MoneyGram Access in June as a first-of-its-kind worldwide on/off-ramp service for digital wallets, collaborating with SDF.

According to the tweet:

One real-world use case showcasing the power of MoneyGram Access is Stellar Aid Assist, a tool that enables humanitarian aid organizations to deliver cash assistance quickly, affordably, and transparently.

Since the previous year, the number of anchors has doubled from 30 to 60, continuing to support Stellar. Since the Stellar Anchor Platform was introduced, being an anchor is now simpler than ever.

Furthermore, the Enterprise Fund, which was first introduced in 2020, is still expanding the Stellar ecosystem and widening its reach. A total of $23.525 million was invested by it this year in 5 firms. 

Additionally, $3.25 million went to accelerators supporting startups in growth regions, including Latin America and Africa.

Moreover, with $1.2 M distributed to three startups this year, the Matching Fund, its most recent investment track, enables more early-stage startups interested in developing on Stellar.

Related Reading |  Ripple & Palau Team Up To Create National Stablecoin

Robinhood Lists Stellar [XLM] And Avalanche [AVAX] Amidst SEC Probe

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Leading commission-free trading app Robinhood has expanded its crypto offering by adding Stellar [XLM] and Avalanche [AVAX], per a recent announcement. The trading platform’s recent addition is a welcome change to its earlier conservative listing policy toward crypto assets.

A few months back, it added support of Solana [SOL], Shiba Inu [SHIB], and Polygon [MATIC]. followed by Chainlink [LINK] in late June.

Beginning its foray into the crypto space in February 2018, Robinhood initially allowed its users to trade Bitcoin and a small selection of altcoins. Notably, BTC still accounted for over a third of the firm’s crypto-related revenue during the heights of the meme coin frenzy in the first quarter of 2021.

It gained a lot of attention when the world’s acclaimed meme coin Doge went live in July 2018. Following that it refrained from adding any more crypto tokens for almost three years at a time of massive growth in the crypto industry.

Earlier this year, the California-based firm started releasing crypto wallets, enabling users to withdraw crypto from exchanges.

But that could not alleviate the firm’s woes as in late June, shares of Robinhood took a hit due to shrinking revenue and a decline in active users. There were also reports of a possible acquisition by FTX which was denied by the firm.

Robinhood Embroiled In Legal Battles

On top of that, it recently reduced its staff by 23% amidst revenue falling to nearly halved in the second quarter of 2022.

In addition to that, the U.S. Securities and Exchange Commission has been investigating the company’s compliance with short-selling rules since October 2021, as per a recent filing.

It also received requests from the SEC in Q2 seeking information related to the firm‘s compliance with trade reporting requirements concerning securities and fractional share lending.

This week, the trading platform’s crypto wing was fined $30 million by the New York State Department of Financial Services, in violation of anti-money-laundering and cybersecurity rules.

In 2020, the agency awarded a penalty of $65 million for misleading its customers about a key source of revenue, called payment for order flow which the firm didn’t admit or deny wrongdoing.

Stellar Blockchain to host EU-Thailand remittance corridor

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Stellar has seen major breakthroughs of late as rivalry with the blockchain firm Ripple continued to escalate. In the latest development, a new cross-border remittance corridor has been opened between the 27 European Union [EU] countries and Thailand on the Stellar blockchain.

According to the official press release, Velo Labs, the company building a global settlement network, has teamed up with TEMPO Payments, the EU anchor for Stellar blockchain payments. The two entities aim to leverage Bitazza which happens to be a Thai crypto trading platform to facilitate the transactions. TEMPO Payments and Bitazza are both licensed financial institutions and have expanded their footing across ASEAN and EU markets, raking in nearly $17 billion and almost 600 million customers.

Stellar blockchain will be hosting the new corridor and leverage Velo tokens and Velo digital credits for the on-chain transactions. All three partner companies aim to perform a faster and cheaper money transfer option between Europe and Thailand by relying on their respective networks and eliminate the inefficiencies in these areas.

Elucidating more on the offering, Mike Kennedy, CEO of Velo Labs stated,

“What we’ve launched today is a validation of our core mission: building a global, decentralized, and interoperable network that will allow businesses and individuals alike to securely and instantly transfer value across the globe. Velo Labs wants to make cross-border transactions faster, cheaper, and more reliable for everyone; this first step starts us down the path of that reality.”

Stellar flying high

The latest news comes after reports of Stellar negotiating to purchase MoneyGram made headlines. The latter happens to be a popular global remittance app formerly partnered with Ripple. The two firms previously enabled large-scale remittances among emigrant communities.

However, things went south when tensions between Ripple and SEC escalated. Several platforms suspended XRP operations. MoneyGram also terminated its partnership agreement with the beleaguered blockchain company. Many in the community viewed Stellar’s reports to buy MoneyGram as an inflammatory move at a critical point in XRP’s timeline.

Stellar [XLM] Will Continue Its Hot Streak As Bulls Rush Into Its Market

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The crypto-verse has been on a roller coaster ride with the price of the assets exhibiting extreme volatility. Stellar [XLM] has been bagging a lot of gains following its association with the Ukraine government as well as the bull run. The entire market, however, was seen back at the red sea. Bitcoin was down by 4% in the last 24-hours which staggered the king coin’s price down to $35K. The overall market cap of the crypto industry had been trying hard to push past $1 trillion, yet it was stuck at $942.85 billion during the time of writing.

Just last week, Stellar revealed that it was joining hands with the Ukraine government to develop a CBDC. This seems to have aided the asset’s market cap as well as price. The altcoin’s market cap rose to $6.39 billion pushing the coin into the top ten. At press time, XLM was trading for $0.289 and surged by over 100% in the last 14 days.

Stellar [XLM] One-Hour Price Chart On Binance

Stellar [XLM]

A symmetrical triangle pattern was formed in the one-hour price chart of XLM. The volume in the XLM market was quite low which further affirmed the pattern that was formed. The upper trend line formed lower highs at $0.31 and $0.29 while the lower trend line was constituted by higher lows at $0.262, $0.260 as well as $0.27 which later converged to form a triangle. The direction of a breakout is usually upwards with this pattern.

The daily moving average indicator prolonged its bullish crossover and was in sync with the pattern formed.

Stellar [XLM] With Indicators

Stellar [XLM]

The short term price chart of XLM was exhibiting a buyers’ sentiment as the Relative Strength Index [RSI] was above 50 median. The MACD line was seen changing sides after a brief stay in the bearish realm. The MACD line was sluggishly overtaking the signal line forming a bullish crossover.

Ukraine Eyes Development Of CBDC As It Teams Up With Stellar Foundation

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Central Bank Digital Currencies [CBDC] has become every country’s dive into digitalization. Ukraine seems to be jumping on the bandwagon as several countries have already begun developing their own digital currencies. Governments have taken advice from prominent crypto platforms in the development of these assets. Ukraine’s Ministry of Digital Transformation recently revealed its partnership with a  prominent cryptocurrency network.

Ukraine To Embrace Digitalization

In a recent blog post, the Stellar Development Foundation [SDF] unveiled that it had signed a Memorandum of Understanding and Cooperation with Ukraine’s Ministry of Digital Transformation. This memorandum is said to focus on the development of digital assets in the country. With China being well ahead in the CBDC game, other countries were also seen catching up. Ukraine seems to be complying with the “better late than never” motto and is prepping to embrace digitalization. The post pointed out that the country wanted to elevate its status in Eastern Europe’s digital financial market.

While it remains uncertain if the country will opt for Stellar’s blockchain for its CBDC, the memorandum affirmed that both the parties would focus on several other aspects of rolling out a digital currency. This included the development process of the virtual asset, all the way to the implementation, circulation as well as the regulation procedures of the asset.

The Deputy Minister of Digital Transformation for IT Development, Oleksandr Bornyakov pointed out that the leading countries of the world were on board with the development of digital assets and Ukraine’s National Bank has reportedly been researching the prospects of CBDC since 2017. He added,

“The Ministry of Digital Transformation is working on creating the legal environment for the development of virtual assets in Ukraine. We believe our cooperation with the Stellar Development Foundation will contribute to development of the virtual asset industry and its integration into the global financial ecosystem.”

All the activities related to the development of Ukraine’s CBDC has started this month. Additionally, the CEO and Executive Director, Stellar Development Foundation, Denelle Dixon revealed that the SDF was rather impressed by the commitment that the country had towards the adoption of innovation and digitalization.

Is Stellar [XLM] Headed For A Trend Reversal?

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The crypto-verse was hitting new highs, thanks to the bull run that has struck the market. Stellar [XLM] and XRP were undoubtedly the stars of the bull run. While Bitcoin was getting closer to its all-time high other coins seemed to be following suit. Stellar [XLM] over the past few days had not only surged in terms of price but also with regard to its market cap.

At the time of writing, XLM was trading for $0.2219 with a 41.77% rise over the last 24-hours. The altcoin had climbed up the crypto ladder all the way to the 11th position. XLM had managed to secure gains of over 137% over the previous seven days.

Stellar [XLM] One Hour Price Chart

Stellar [XLM]

The one hour price chart of XLM had formed a symmetrical triangle pattern. The pattern was identified by the trendlines that were formed in the chart. The upper trend line was formed by higher lows of $0.222 and $0.229. Higher lows were formulated the lower trend line at $0.131, $0.146 as well as $0.181. The direction of the breakout was uncertain following the formation of the aforementioned pattern.

The daily moving average indicator was seen putting XLM in the bearish realm. However, it seemed like it was heading for a crossover. Yet, at the time of writing, the 100 daily moving average [Orange] was seen above the 50 daily moving average [Blue] indicating the presence of bears in the XLM market.

Stellar [XLM] With Key Indicators

Stellar

The Stellar [XLM] market was seen heading for a reversal of a trend. The Bollinger Bands indicator was seen recovering from its recent surge in volatility. After a slight convergence, the bands were seen diverging headed for an increase in volatility. The Chaikin Money Flow [CMF] indicator, however, was seen traveling towards the bearish realm. The CMF marker was below zero.

While the pattern brought about confusion in the XLM market, the indicators were seen getting cozy with the bears.

Chainlink, Tezos, Stellar Lumens Technical Analysis On 10th November 2020

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The cryptocurrency market, including numerous altcoins along with Chainlink, Tezos, and Stellar Lumens, was in the consolidation phase as a minor pullback triggered a retreat. The global market cap decreased by 1.39 percent over the last 24 hours and currently stands at $440.3 billion.

Chainlink [LINK]:

LINk 4 e1605009022111

Over the past 24-hours, ChainliUnk [LINK] noted a minor surge of 0.84% which pushed its price to $12.76. At the time of writing, LINK registered a market cap of $4.99 billion while holding a 24-hour trading volume of $1.83 billion.

After a renewed bullish trend, LINK has managed to steadily soar higher. The rising gauge following a bullish crossover in Klinger Oscillator evidenced the increasingly positive sentiment for the token. The Awesome Oscillator also flipped bullish momentum after quite some time.

If the bulls manage to defend this crucial level, it could target the nearest resistance of $16 as it found firm support at $8.76

Tezos [XTZ]:

XTZ e1605009253902

Tezos [XTZ] declined by 0.38% over the last day as it stood at a price of $2.12 while holding a market cap of $1.58 billion and a 24-hour trading volume of $174 million, at the time of writing.

XTZ bullish attempts have been stalled numerous times. However, the Chaikin Money Flow noted a spike above the zero-line above depicting a rise in terms of the capital inflow in the XTZ market. Mimicking the latest price action, the MACD also flipped bullish crossover depicting a much-needed reversal.

XTZ’s immediate resistance level was found to be at $2.61 while its support stood at $1.85

Stellar Lumens [XLM]:

XLM e1605010452208

Stellar Lumens [XLM] noted a 0.31% increase over the past 24-hours driving its value to $0.0813. At the time of writing, the token recorded a market cap of $1,701 and a 24-hour trading volume of $164 million.

The dotted markers of Parabolic SAR aligned below the XLM candlesticks firmly supporting the coin from a decline. Additionally, RSI also rose above the 50-median depicting a sentiment of increasing buying pressure among the investors of the coin market.

The rising bullish pressure signaled a potential breach of XLM’s nearest resistance point of $0.086. In case of a trend reversal, however, Stellar Lumens could retrace its steps to its immediate support level of $0.071

Litecoin, Stellar, Tezos Technical Analysis On 6th November 2020

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The crypto-verse was seen enjoying a streak of an uptrend for the past few days. Even though all the coins like Litecoin, Stellar, Chainlink, and others were seen surging, the crypto community had eyes on Bitcoin. BTC had pushed past $15K with a 7.62% rise over the last 24-hours. The global crypto market cap was in sync with the ongoing bull market as it had hit $445.29 billion with a 7.89% daily increase.

Litecoin [LTC]

Litecoin was the star of the latest crypto uptrend as it was surging by 13.84% over the last 24-hours. The altcoin continued trading for $62.58 securing its position as the eighth-largest cryptocurrency with a market cap of $4.11 billion.

Litecoin, Stellar , Tezos

The bulls were going to prolong their stay in the LTC market as the key indicators on the short term price chart of LTC were seen dancing with the bulls. The Parabolic SAR indicator screamed bulls by forming dotted lines below the candlesticks. The Relative Strength Index indicator was seen revealing a strong buyers’ sentiment as it was in the overbought zone.

Stellar [XLM]

Even though XLM is not a part of the top ten cryptocurrencies, XLM didn’t fall short. The altcoin was trading for  $0.08434 with a 14.32% rise over the last 24-hours. XLM was stood as the seventeenth-largest coin with a market cap of $1.762 billion, just below Justin Sun’s cryptocurrency TRX.

Litecoin, Stellar , Tezos

The indicators used in the short term price chart of Stellar were seen conflicting as they revealed contradicting notions. The MACD line took over the signal line and formed a bullish crossover, however, the Klinger OScillator welcomed the bears with the formation of a bearish crossover.

Tezos [XTZ]

With a market cap of $1.54 billion, Tezos found a place in the top twenty. The altcoin was one of the big winners of the latest bull market as it rose by 12.40% over the last 24-hours. The coin was trading for $2.06 at the time of writing.

Litecoin, Stellar , Tezos

XTZ could continue its hot streak as it was all bulls in its market. The Awesome Oscillator indicator formed green closing lines and suggested the presence of bulls. The Chaikin Money Flow indicator cried bulls as the marker was way above zero.

Cardano, Litecoin, Stellar Technical Analysis on 20th October 2020

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Bitcoin continued to assert its dominance over the crypto market. While $12K was fast approaching the king coin, the dominance percentage was at 59.7%. No significant momentum was recorded in the crypto market as all the coins were enduring dainty price changes. The global crypto market cap was at $364.24 billion with a 1.47% daily increase.

Cardano [ADA]

ADA continued to secure its place as the ninth largest cryptocurrency with a market cap of $3 billion. The price of the coin during the time of writing was $0.1055. The altcoin was dropping by 0.97% over the last 24-hours. ADA seemed to have endured a pretty rough week as its price had slumped by 6.45% over the last seven days.

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The short term price chart of ADA suggested that it would prolong its downtrend as the bears had checked into the ADA market. The Parabolic SAR laid dotted lines above the candlesticks limiting the chances of an upward breakout. The Chaikin Money Flow [CMF] indicator was below zero affirming the presence of bears.

Litecoin [LTC]

Litecoin was once one of the most popular coins. However, over the years the LTC came slumping down to the tenth position of the crypto ladder. The coin was trading at $47.74 during press time and LTC was one of the only coins that was increasing by 1.19%. However, over the last week, the coin had dipped by 4.92%.

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LTC was going to continue its stay in the red zone as the Awesome Oscillator formed red closing bars and opened the doors for the bears. The MACD indicator formed a bearish crossover in the one hour chart of LTC. Earlier today, the MACD line had dipped below the signal line.

Stellar [XLM]

XLM was probably the only popular coin that was faring high. With a market cap of $2 billion, XLM was trading for $0.0840. The altcoin was surging by 2.02% and had garnered gains up to 9.3% over the last seven days.

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Stellar was on its way to break its hot streak as the bears had made an entry into the short time price chart of XLM. With the Relative Strength Index marker below 50 median, a sellers’ sentiment had taken over the XLM market. The Klinger Oscillator was prolonging a bearish crossover it had formed yesterday.

Litecoin, Monero, Stellar Technical Analysis on 11th September 2020

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By recording an overall market capitalization of $334.06 billion, the crypto-verse was seen heading towards recovery. While Bitcoin’s dipped to 56.8%, several altcoins were seen prepping to endure potential slumps caused by the presence of bears in the market.

Litecoin [LTC]

As the Litecoin community gears up for the launch of MimbleWimble, the of the altcoin witnessed dainty gains over the past few weeks. However, during the first week of September, LTC recorded a huge slump further pushing its price back into the $40 zone. During press time, the coin was trading at $48.65 with no significant change in its price.

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Parabolic SAR’s dotted markers pushed LTC below a major resistance level of $54. The formation of the dotted line above the candlesticks indicated the prevention of any possible breakout in the upward direction. The Relative Strength Index was also seen lounging in the high sell-pressure zone. If bears decide to prolong their stay in the LTC market, the altcoin might dip below $40.34, which has been a strong support level for LTC.

Monero [XMR]

Similar to every other coin in the crypto-verse, XMR recorded a massive drop in its price back in the first week of September. However, the coin seemed to be on its way to recovery. With a market cap of $1.48 billion, the privacy coin was trading at $83.59. However, at press time, XMR was seen plunging by 2.23%

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Bears seem to be reposing in the XMR market as the MACD line has been below the signal line for a long time now. Even though the bearish crossover took place long ago, both the lines seemed like they would soon converge. The Klinger Oscillator indicator, however, hinted at the presence of bulls in the market. If bulls do take over the XMR market, the price of the altcoin could push past a resistance level at $90.

Stellar [XLM]

XLM began its journey downhill back in August, unlike the other coins. However, the altcoin was seen rising by 2.90% during the time of writing. XLM was trading at $0.0815 with a market cap of $1.68 billion.

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The Awesome Oscillator observed a shift in the momentum, however, the bars were seen turning green after an array of red bars. The Chaikin Money Flow seemed to be headed towards the bearish territory as outflow of capital was indicated in the XLM market. If bears do take over the market, the altcoin might stoop below its critical support level at $0.064.