Stellar Rebounds Amid MoneyGram Acquisition Announcement
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Stellar (XLM) has recorded a healthy bullish outlook over the past few days following new developments that the Stellar Development Foundation might be nursing intentions to acquire multinational remittance provider MoneyGram. Rumor has it that Stellar is collaborating with Advent on a potential acquisition of the payment solutions company.
While there are no public confirmations about the new development, investors are betting heavily on XLM, which already operates a network that facilitates cross-border payments.
At press time, XLM trades at $0.2620 with a daily trading volume of $1.2 billion. The seventh-largest cryptocurrency currently has a supply of 23.3 billion XLM and a maximum daily of 50 billion coins.
Stellar made its debut into the crypto space in 2014 with a mission to facilitate financial inclusion globally by tapping into the potential of the world’s unbanked population, particularly in parts of Africa and Asia. Unlike other companies with a similar mission, the fintech company focused on achieving this mission by focusing on assisting financial institutions to connect through blockchain technology. Stellar aims at outpacing several existing payment providers, who charge exorbitant fees for their services.
Key Stellar Levels to Watch — July 24
XLM appears to be in healthy recovery mode as the cryptocurrency jumps to its highest point in July, $0.2800. However, the cryptocurrency saw a minor correction to the critical $0.2500 support, where it bounced higher.
That said, we expect more bullish upticks over the coming days as bulls ramp up their activities. The cryptocurrency needs a break above the $0.2800 resistance to secure a bullish bias. While a bearish move seems very unlikely in the near term, a fall below the $0.2500 – $0.2400 axis could be bad for Stellar bulls.
Meanwhile, our resistance levels are at $0.2800, $0.3000, and $0.3200, and our key support levels are at $0.2500, $0.2200, and $0.2000.
Total Market Capitalization: $1.41 trillion
Stellar Market Capitalization: $5.6 billion
Stellar Dominance: 0.4%
Market Rank: #18
