William Suberg
8 minutes ago
XLM price gains 30% in a day as positive sentiment shifts from XRP to Stellar
XLM benefits from a Ukraine government partnership and becomes the latest addition to 2021's new altseason.
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Altcoin Watch
Stellar (XLM) is winning the battle of the blockchain payment networks against Ripple this week as sentiment flips in its favor.
Data from monitoring resource The TIE confirms that long-term sentiment towards XLM is now higher than towards XRP, the altcoin in which embattled Ripple is the largest stakeholder.
XLM sentiment beats out XRP
The figures serve as the latest warning to XRP investors, who have looked on in dismay as legal problems for Ripple in the United States cause its value to dive by over 60%.
XLM/XRP line chart. Source: CoinGecko
As of Jan. 5, the long-term sentiment score collated by TheTIE stood at 70 for XLM but under 70 for XRP. Before the legal action, XRP sentiment was at an all-time high.
XLM vs. XRP daily and long-term sentiment score chart. Source: The TIEUkraine deal sees XLM join 2021 altseason
Stellar has received a boost this week in the form of a high-profile partnership with the government of Ukraine, under which it will help lawmakers digitize the national fiat currency, the hryvnia.
XLM/USD subsequently began rising, adding 30% to hit $0.176 on Tuesday — approaching its highest since November 2018. Transaction numbers last week hit new record highs.
XLM/USD 1-day candle chart (Bitstamp). Source: TradingView
While it remains unclear as to what extent XLM the token will feature in the Ukraine solutions, Stellar executives have confirmed that the payment system will form a major part of the deal.
“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,” Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation, commented in an accompanying press release.
XLM's gains compound a burgeoning altcoin resurgence which has fast become a calling card for 2021.
As Cointelegraph reported, various large-cap altcoins have seen weekly gains top 40%, with some seeing price levels return after a three-year hiatus.
The moves come in tandem with a slowdown for Bitcoin (BTC), which came off its own all-time highs of $34,800 to briefly dive to $27,700 on Monday. A consolidation period is key to allow altcoins to flourish, Cointelegraph Markets analyst Michaël van de Poppe has explained.
#Cryptocurrencies
#Altcoin
#Ripple
#Stellar
#XRP
#Markets
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