- Stellar bulls returned to resume the XLM/USD pair’s uptrend.
- The pair logged 12% gains after a prolonged bearish phase that lasted a week.
- Stellar Development Foundation launched a blockchain education initiative.
KOLKATA (CoinChapter.com) – Borderless payments token and XRP rival XLM continued its bullish streak by printing 12% intraday gains. Buyers leveraged the XLM/USD pair’s bull pennant formation to push it to Thursday’s $0.382 local high.
Recent partnership with MoneyGram and the launch of Stellar Next-Gen, the Stellar Development Foundation(SDF) ‘s blockchain education initiative, fuelled XLM’s ongoing bullish momentum.
Joining Hands With MoneyGram
The Stellar Moneygram partnership will allow users to leverage the benefits of a seamless crypto and fiat currency bridge for moving funds.
Related: Moneygram (MGI) stock surges 11.55% amid Stellar takeover FOMO
“We’re teaming up to build a bridge between digital assets and cash currencies for users. Digital wallets connected to Stellar will be able to access @MoneyGram’s platform to move seamlessly from one cash currency to another, facilitated by Circle’s USDC.”
said SDF CEO and executive director Denelle Dixon recently
The USDC stablecoin will play a crucial role in solidifying the partnership between the two organizations.
“For consumers, the partnership will provide the ability to seamlessly convert USDC to cash, or cash to USDC. This increases the utility and liquidity of digital assets while also enabling more consumers to participate in the digital economy.”
read an excerpt from the offcial partnership announcement
“For the first time, settlement with MoneyGram will occur in near-real-time using Circle’s USDC, the world’s fastest growing dollar digital currency. This enables an accelerated collection of funds, improving efficiency and reducing risk.
But the Stellar MoneyGram partnership led to a declining trend soon after the update became public. The ongoing rally took shape after the SDF launched an initiative to boost blockchain education amongst universities and institutions.
Stellar Next-Gen
On Wednesday, SDF announced the launch of the Stellar Next-Gen initiative. The idea is to expand the scope and access of blockchain technology education and research. SDF, through the initiative, has planned to support reputed blockchain education programs. Blockchain at Berkeley, University College of London’s Centre of Blockchain Technologies, and the National University of Singapore’s Fintech Lab.
“Stellar Next-Gen will also further adopt and create inclusive communities in the industry by collaborating with organizations bringing blockchain education and events to underrepresented groups. So far, SDF has sponsored five student-focused hackathons hosted by Encode Club and Minority Programmers Association, with more to come later this year.”
mentioned the official announcement
“To build a more inclusive financial system, we have to provide students of all backgrounds the opportunity to learn the ins-and-outs of blockchain technology. They must be empowered to see themselves as part of the solution. This initiative builds on our ongoing work with universities and organizations to make sure the next generation of builders is equipped with the information, tools, and mentorship they need.”
said Denelle Dixon
Bulls took notice of the long-term positive impact of the initiative on XLM. Also in focus was Stellar Next-Gen’s overall societal impact on furthering the case of blockchain adoption. That, in turn, led buyers to place long bids en-masse on the XRP rival token.
Related: Stellar follow-up: XLM rallies 29% in Bollinger Band breakout, what’s next?
XLM/USD Technical Setup
The XLM/USD pair is currently breaking out of a multi-month bull pennant formation. Relative strength index (RSI) clocked 66, indicating more avenues for a longer, sustained rally. Bulls would have to try and lead the pair to close above the $0.43 resistance.
Reclaiming $0.43 would open the doors to $0.52 and $0.64.
