Stellar (XLM) Price Witnesses Bullish Momentum Amid Recent Developments

• It is impossible to rule out the possibility that XRP’s surge may benefit XLM.
• On-chain innovations are largely responsible for XLM’s recent market rise.

Stellar Lumen’s principal function is to link individual users to financial institution payment networks. Stellar’s goal is to develop a system that facilitates low-cost, instantaneous money transactions. 

Stellar is more likely to compete with Ripple in its intended use case, which is to serve as a conduit between international financial institutions and service providers. Even though XLM is a competitor of XRP, it is impossible to rule out the possibility that XRP’s surge may benefit XLM.

Recent Developments

On the other hand, On-chain innovations are largely responsible for XLM’s recent market rise. USDC, one of the biggest stablecoins on the market, is now accessible via the CoinMe wallet, as confirmed by the official Twitter accounts of Circle and Stellar. This action broadens the impact of both companies and draws attention to the benefits of the Stellar ecosystem, and thus the increase in the value of XLM.

Stellar’s connection to Polkadot through the Pendulum parachain, which is being heralded as the ultimate link between fiat and DeFi, has added to the positive sentiment. Polkadot users will be able to send and receive USDC using Stellar, strengthening Stellar’s role as a conduit between the fiat banking system and the cryptocurrency market.

It’s worth noting that XLM has also performed well over this time frame. In the previous seven days, Stellar has gained 24.54%, and in the last twenty-four hours, it has gained 5.28%. While XLM’s performance is not on par with XRP’s, Stellar has benefited from the latter’s recent climb. But, XLM still has a ways to go before it can go above its previous record high of $0.9381.

According to CMC, the Stellar price today is $0.109160 USD with a 24-hour trading volume of $203,390,872 USD. Stellar is up 5.28% in the last 24 hours.