New updates drive Stellar Lumens (XLM) price up

The month of July started of nicely for XLM. After ending the Q2 with a rise from 0,17 USD to 0,197 USD, it managed to reach a monthly high of 0,22 USD before starting to move sideways for a couple of days. Later on it went into red and reached a monthly low of 0,18 USD when the entire market suffered because of Bitcoin’s retracement. However, XLM managed to break the downtrend on the back of recent Coinbase rumors and is currently looking to break the monthly highs. The trading volume has surged and the coin is traded at 0,218194 USD, which is a 7.98% rise in the last 24 hours. With a market cap of 4,094,652,653 USD, XLM currently stands as the 7th most valuable cryptocurrency on the market.

Of course, the most important piece of news related to XLM is the fact that Coinbase announced its intention to look into making this coin a part of its fiat-to-crypto portfolio. This has both given XLM added validity in the crypto community and knocked its biggest competitor, XRP, a couple of notches down. Truth be told, XLM probably has an outsiders chance to be added to Coinbase but it should still be viewed ahead of projects like ADA, which doesn’t even have a working product. Reddit reacted well to the news, and user ptblazer summed up their reaction:

“Awesome!! I know Coinbase gets a lot of hate, but it’s easily one of the simplest and safest points of entry for people that are new to cryptocurrency. It was only a matter of time before Coinbase increased the number of assets it lists and I’m thrilled XLM is among the first. Great news for broader Stellar adoption.”

In other news, Stellar Lumens recently announced their collaboration with one of the world’s most popular money transferring companies called Tempo. The two entities will be working together to create a new cryptocurrency payment network. Tempo wants to establish itself as the leader in this upcoming industry and a partnership with Stellar will definitely help. Among other things, Tempo will offer designated fiat backers that will allow users to directly transfer fiat for crypto and vice versa with almost no fees involved. There is also talk that crypto debit cards will be issued as a result of this cooperation, which should increase both the crypto market liquidity and validity. Stellar’s CTO Jed McCaleb had only words of praise for this team-up:

“Tempo’s early integration with Stellar and role as EU anchor is revolutionizing international payments, making global payments faster, more reliable and less costly for clients”

As always, Stellar remains a solid project with good fundamentals, and it’s only a matter of time before it achieves greater adoption and sees its price rocket into the sky.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

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