The Stellar price (XLM / USD) hit its highest level since September 7 as demand for the currency surged. The XLM price is trading at $ 0.3673, around 44% above the low this month. This leap brings its total market capitalization to over $ 8.75 billion, making it the 21st largest cryptocurrency in the world.

Stellar fundamental analysis

Stellar is a blockchain project that is in the cross-border payments industry. The project was developed by a former co-founder of Ripple Labs and is currently managed by the Stellar Foundation.

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The Stellar Network helps people create digital representations of fiat currencies like USD and Euro. At the same time, it has a platform that helps developers create their own currencies.

For example, Circle, a leading blockchain company, used it to build USD Coin, a US dollar-backed stablecoin. The USDC is now valued at over $ 32 billion.

Stellar Foundation has also invested substantial sums of money in some of the biggest startups. For example, at the start of this year, she invested $ 15 million in Airtm, a company that allows people to send and receive money instantly. She also invested $ 3 million in Tribal Credit and $ 5 million in Wyre.

The biggest recent news about Stellar arrived last week. In a statement, MoneyGram said it has signed a major deal with Stellar that will see customers remove USDC from one of the company’s brands.

The idea behind this is relatively simple. A customer sends USDC to someone in another country. The person will then withdraw these funds from an agent. This is possible because, unlike Bitcoin, USDC is a stable coin backed by the US dollar.

Prior to the deal, there was speculation the Stellar Foundation was in talks to acquire MoneyGram in a deal that was reportedly valued at over $ 1 billion.

Stellar price prediction

The daily chart shows the XLM price peaked at $ 0.3760 on Wednesday. This was notable price action as the price managed to break through the key resistance at $ 0.3690. The price also sits along the 61.8% Fibonacci retracement level. It is also supported by the 25 and 50 day moving average.

Therefore, at this level, the outlook for the Stellar price is neutral. On the one hand, it looks like it formed a double top pattern. As such, it is likely that it could go down. On the flip side, a clear break above today’s high at $ 0.3760 will mean there will be more buyers in the market.

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