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Stellar (XLM) Successfully Rebounds After Unprecedented Slump

source-logo  u.today 16 November 2023 14:03, UTC

Stellar (XLM), a blockchain protocol renowned for its payment capabilities, has successfully rebounded from its previous lows, showcasing the power of community and grit in the coin's history. Per CoinMarketCap's data, Stellar is up 4.3% at the time of writing to $0.122. The stellar rebound is not completely integrated yet as the coin's seven-day performance still shows some bearish tendencies with its 4.99% drop.

Stellar's utility focus

Stellar has a healthy approach to sustaining its ecosystem. While many crypto projects institute campaigns like burning and other deflationary tokenomics, Stellar is big on relying on its utility to define the pace of XLM demand and subsequent price surge.

The majority of the milestones it has recorded thus far this year, as reported by U.Today, have been largely centered on its role as a formidable payment alternative. Notably, Stellar inked a partnership with fintech firm Moneygram International back in September to advance its crypto payment capabilities.

The partnership features the creation of a crypto wallet to better serve Moneygram's global customer base. This partnership comes as a complement to the strategic investment the Stellar Foundation made in Moneygram, a move that helped the crypto protocol secure a seat on the company's board.

Over the past year, Stellar has also advanced its reach on key platforms like Robinhood, enhancing its overall accessibility to users.

Riding XRP sentiment

Stellar's outlook in the past three months might have been stirred in part by the legal clarity secured by XRP, as Federal Judge Analisa Torres declared that its programmatic sales on exchanges do not constitute securities.

While the United States Securities and Exchange Commission (SEC) is not after Stellar at this time, because the protocol maintains a similar value proposition to XRP, it has the perfect precedent to present should it ever follow that trail.