Ripple (XRP) Competitor Stellar (XLM) Makes a Dramatic Price Move Upwards
Stellar (XLM) Makes a Dramatic Move Upwards
Today Stellar was among the Top 10 gainers on CoinMarketCap. The market has recently recovered with Bitcoin jumping $600 USD in price in less than an hour and, as usual, making all the other altcoins rise in price together. XLM was one of the fastest gainers and surpassed even Litecoin (LTC) in the Top 10 position of the market.
Getting Over $0.20 Cents
XLM remained flat at the $0,20 USD mark for a long time before the price rally. Because of this, the price of the token went up 23% in a single day and 52% during the whole week. It looks like XLM is about to burst the 20 cents wall as the price reached $0.28 USD. The token is almost reaching its peak price, which was reached in May 4.
Litecoin has dropped to #7 in market cap followed by Stellar Lumens, the new hot token of the market. Many considered this to be a call to action to actually buy more Stellar because the price will only get higher in the future.
Can Stellar (XLM) Beat Ripple (XRP)?
Stellar’s movement up the charts is potentially dangerous for Ripple, which is already facing constant threats for being considered a security instead of a utility token. Stellar is one of the main potentials to bring the distributed ledger technology (blockchain) to businesses, especially in cross-border payments.
The token already has a strong partnership with IBM and Stellar uses a system of nodes that work to verify transactions and increase the speed of the transactions by using partial centralization.
One of the main dangers to Ripple is that many investors have perceived that XLM is an open source version that is very similar to how Ripple works, as both of the projects were led by Jed McCaleb but only Stellar was created pro bono.
The Stellar Price and Market
Data shows that the price of Stellar was increased because of Bitcoin and of the 21% inflow of Tether (USDT). The company has also been well on the market since Coinbase told the media that it was exploring the addition of this asset to its collection.
At the moment, XLM has been trading actively in Asia and Binance is leading the exchanges of this token. Other companies that have been helping in the heavy volumes are UpBit and BCEX, in which XLM is paired with CK USD, a fixed-price asset just like Tether. There is speculation that the asset may get even more money as it depends on Korean Won trading.
However, not everybody is so optimistic about the future of Stellar Lumens. Some people believe that the price rise happened mostly because of the Coinbase announcement and that, much like Ethereum Classic (ETC), the trading of the token will eventually complete its run and stop instead of keep getting stronger.