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The Stellar blockchain's native coin, $XLM, has recently experienced an astonishing rise. On July 13, $XLM saw an enormous 104% increase, peaking at $0.196. The price did retreat, though, as profit-taking started to happen.
The cryptocurrency is currently enjoying a new rise, which started on July 18 when bulls confirmed support near $0.125.
At the time of publication, Stellar had increased in price over the previous 24 hours to $0.14 and is up 43.40% over the previous week. Notably, $XLM is the best-performing cryptocurrency asset among the top 100, according to CoinMarketCap data. $XLM is outperforming XRP, which sits in fourth place among gainers.
The positive news for the $XLM price is that the daily moving averages MA 50 and 200 have made a positive crossing, otherwise known as the "golden cross." Traders should watch out for the continuation of the rally in the days ahead. A break past the $0.20 level might signal the start of a fresh uptrend for Stellar $XLM.
Notable developments on Stellar blockchain
In an exciting announcement, the Honeycoin App, powered by Stellar, now enables $USDC cash outs at MoneyGram locations in Kenya, Uganda, Tanzania, Nigeria, Ghana and the UK.
$USDC remittance and cash out expands into Kenya, Uganda, Tanzania, Nigeria, Ghana and the UK via @honeycoinapp @StellarOrg and @MoneyGram. https://t.co/uHD9TDytAG
— Jeremy Allaire (@jerallaire) July 18, 2023
As a result, $USDC remittances and cashouts will now expand to the aforementioned countries.
The integration will bring convenience to everyday transactions and promote financial inclusion through efficient cross-border transactions.
In the past week, Soroban Preview Release 10 launched on Futurenet, marking a major milestone for the Stellar blockchain.
Soroban is a Rust-based smart contract platform designed for scale and sensibility. Soroban integrates with and operates alongside the current Stellar blockchain, which is now operating on the test network known as Futurenet.
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