Stellar (XLM) Observes 17% Weekly Gains Due To Increased Optimism

By Kevin • September 25, 2022 5:40 pm • Comments

Stellar (XLM) has so far recorded 17% gains in a single week recently and is currently trading at $0.119 which means that it has increased by almost 5% in the past 24 hours.

Stellar is known as a popular rival of XRP and current has a total market cap of around $3 billion which makes it within the top 30 digital assets.

Some speculate that XLM may have benefit from XRP’s rally where XRP rose by more than 35% in just the past week due to recent positive lawsuit news.

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As a result, that may have brought investor optimism back to the market where both XRP and XLM started to climb despite the current bear momentum in the overall market.

U.today reports:

According to on-chain analytics firm Santiment, two factors might have contributed to XRP’s recent rise: increased trader optimism and high whale movement.

Trader optimism increased amid positive developments in the ongoing Ripple lawsuit.

In a 2020 suit, the SEC accused Ripple and its top executives of selling unregistered securities. The case could impact hundreds of other digital coins, including XLM, and it is anticipated that it will help define the commission’s ability to regulate cryptocurrency assets.

For the first time in August, Grayscale indicated that ZEC, ZEN and XLM “may currently be a security, based on the facts as they exist today,” which marked a significant shift from its position in May and June that the trio would eventually be regarded as securities.

Grayscale stated then that it was “responding” to SEC officials from the Division of Corporate Finance and Enforcement, the investigation branch that lately increased its oversight of cryptocurrencies.

There have also been several innovative enhancements within the Stellar ecosystem which could likely increase its rate of adoption.

For example, a firm called Tildamail has just announced a new integration for Stellar accounts which would allow for the stable coin USDC to be sent like an email on the Stellar blockchain.

This would likely have a huge impact on Stellar as USDC is one of the major stable coins that is actually backed by an actual dollar.

The ability to send USDC like an email would likely be a popular use case for investors and it just so happens that the firm has partnered with Stellar in order to design this new initiative.

Capital.com reports:

The integration of the decentralised application (dApp) Tildamail into Stellar Lumens will act as a plugin. It is going to enable network users to send emails, files and cryptocurrencies.

As well as sending XLM, Tildamail users will be able to transact with the USDC stablecoin on the Stellar Lumens network. The Tildamail website said:

“Our partnership with Stellar allows you to send both stellar lumens (XLM) and USDC (powered by Stellar). You can start sending money like email instantly.

Just connect your wallet and start sending money to friends and family around the world instantly at near zero fees.”

The purpose of Tildamail is to act as a “bridge between the old web and the new decentralised web”. It boasts benefits of end-to-end encryption that it claims are not found in centralised competitors like Protonmail.

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