The Stellar price has jumped in the past two straight days as investors react to the ongoing partnership with Moneygram. XLM, the native token, has risen to $0.1388, which is the highest it has been in 12 days and is about 32% above the lowest level in May.
Stablecoin remittances
Stellar is a leading blockchain project that was started by a co-founder of Ripple Labs, one of the biggest projects in the industry.
The two projects are similar in that they hope to change how the remittances industry. But they use different approaches. Ripple uses On-Demand Liquidity while Stellar simplifies the sector by allowing people to create digital representatives of money.
Read more on the best cryptocurrency exchanges to trade Stellar.
Stellar is best known for its partnership with Circle, a multi-billion dollar company that is known for the USD Coin stablecoin. USDC has a market cap of over $53 billion, making it the fourth-biggest crypto in the world.
During the weekend, Bloomberg reported that MoneyGram was considering launching a service that allows people to send stablecoins using its network. The goal is to bridge the fiat and cryptocurrency industries. This deal is a culmination of the pilot program that will enable people to send and withdraw USDC through MoneyGram’s network.
In a note, Alex Holmes, MoneyGram’s CEO said:
Stellar and MoneyGram have had a long relationship. In fact, in 2021, it was revealed that Stellar was teaming up with Advent, a private equity company, to acquire the firm. The deal did not materialize. Instead, MoneyGram recently agreed to be acquired by Madison Dearborn in a $1 billion deal.
Stellar price prediction
Turning to the daily chart, we see that the XLM price has been attempting to stage a comeback in the past few days. As a result, the coin has moved to the important resistance level at the 25-day moving average while the Relative Strength Index (RSI) has moved from the oversold level to about 50.
Therefore, the overall trend for the Stellar Lumens price is bearish. However, with risky assets doing well, we can’t rule out a situation where the Stellar price retests the key resistance at $0.1665, which was the lowest level on February 25th.
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