Stellar (XLM) Rallies on Expectations of “Special Announcement”
XLM crossed the $0.10 barrier, triggering expectations of a stronger rally as IBM Blockchain hinted at a “special announcement” during the Money 20/20 conference.
Stellar (XLM) is spiking again on expectations of special news coming during the Money 20/20 conference in Asia on March 19-20. Stellar founder Jed McCaleb and Jesse Lund of IBM Blockchain are registered as keynote speakers at the event, suggesting new developments in the existing partnership between IBM’s blockchain branch and the Stellar project.
“Joined by Stellar’s partner, Jesse Lund from IBM will share his vision for how digital currency and other digital assets will transform the payments value chain. IBM will also be making an exclusive product announcement. Together this pioneering duo have grand plans for disrupting and transforming payments and ambitions to establish a truly global footprint in cross-border payments,” the conference program says.
At this point, however, the price surge of XLM remains speculative. Having spent a long time depressed around the $0.08 level, it appreciated by more than 14% on Monday, extending its net weekly gains to more than 28%. Still, volumes remain slim at just under $200 million in 24 hours, and the current rally may be short-lived.
The XLM upswing brings to mind other coins that rely heavily on Binance for a boost in activity and price action. Yet, the concentration on a single exchange also means that rallies change direction quickly.
XLM has managed to line up among the top 10 most active assets on Binance. The recent inclusion of Tether (USDT) pairs has given a boost to trading - more than 41% of XLM activity is against this stablecoin. XLM was forgotten for a while since no significant news came from the project, but it is considered one of the most promising networks, especially through its partnership with IBM.
XLM is also considered the open-source equivalent of Ripple’s XRP, essentially performing a similar task of enabling fast and relatively cheap cross-border payments. The biggest hopes about XLM involve the global remittances business.
In recent months, usage of the Stellar protocol has mostly happened under testing conditions. Still, the system is seen as potentially suitable for banking application in cross-border payments.
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