Stellar leads the gains race as it increased 49%, becoming the biggest gainer on the market in the past 24hours as we are reading more in the latest Stellar news.
The XLM/USD exchange rate hit an intraday high of $0.313 as it dropped as low as $0.20 in the previous sessions with the traders getting into the Stellar token that eventually led to a recovery across crypto assets including Ethereum, XRP, and Bitcoin that emerged from their low sessions. Stellar leads the gains race as it benefited from its accessible upside fundamental and the open-source blockchain project emerged as a strong alternative to its main rival Ripple Labs. Ripple got into plenty of controversies with the US Securities and Exchange Commission over the alleged illegal sale of its native XRP token.
$XRP & $XLM neck and neck right now.
— David Gokhshtein (@davidgokhshtein) January 12, 2021
In the meantime, the traders asserted that Stellar got into a high-profile partnership with the Ukrainian government to digitize the XLM national currency. Denelle Dixon who is the CEO of the Stellar Development Foundation said:
“We look forward to working with the Ministry and other stakeholders to digitize the hryvnia, to bring Stellar-based tools and services to the people and businesses of Ukraine, and to introduce new partnership opportunities in Ukraine to businesses in the Stellar ecosystem.”
The prospects of a bigger Stellar integration into the country’s digital finance ecosystem allowed XLM to absorb the sell-off pressure over the weekend and during the Monday sessions. This could help the token log an alternative recovery rally with the XLM/USD exchange rate on the four-hour chart showing the pair a short-term corrective downtrend after its 274 percent rally on December 23 low recorded at $0.11. It seemed to have formed a Bullish flag with a small continuation pattern that usually forms once an asset consolidates before it resumes to the upside. The price breaks out by about the length of the previous rally otherwise known as the “flagpole” which puts the breakout target of the pair at $0.535.
Back in December, one of Germany’s oldest banks said that it chose Stellar to issue a Euro-backed stablecoin and according to the official announcement, Bankhaus von der Heydt said that it will launch the EURB on the Stellar Network for sure. The development is a result of the partnership between the bank and a German startup- Bitbond. Stellar makes big gains on news like these ones so let’s see how it will behave in the days ahead.
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