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

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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