XLM Jumps By 11% After Banks Got Interested In IBM’s Stellar Blockchain Opportunity

The cryptocurrency backed by Stellar Lumens decentralized payment protocol- XLM, increased in value by as much as 11 percent over the past 24 hours so in the latest altcoin news we will find out what’s the reason behind the price boost.

The price increase started when the early EU trading session started as well when the altcoin reached 0.118 from its previous 0.108 positions. The upward trend experienced a small correction phase which brought up the coin to reach a price of $0.113. XLM tried the same level again and formed an upside rejection trajectory during today’s EU session but still managed to maintain the bullish run over the past two days.

After IBM announced yesterday that six major international banks want to use the Stellar-based payment network, the price also started slightly to increase. Stellar’s blockchain aims to provide the banks with an easier option to move value or to make cross-border payments much cheaper than traditional payment networks by using stablecoins. This could be the explanation for XLM’s performance because it is similar to the price movements that the coin made under similar circumstances. For example, XLM increased by 11 percent over a period of three days after the German media company Börsenmedien AG announced a partnership with SatoshiPay which is a company that also uses the Stellar blockchain.

The other reason for the price increase might be coming from Coinbase. The crypto exchange announced that the platform will provide support for XLM trading pairs. Adding a coin to the platform is known to influence the price of a cryptocurrency just as when listing XRP sparked a price movement for the altcoin as well.

XLM could be getting into a strong bullish movement but there is no clear enough proof that the six international banks using the XLM software is the reason for the price increase. The altcoin is still considered as a backup option for the banks. The price trends seem to be forming an increasing wedge formation which shows the entering in the bearish zone but the price could soon break below the wedge point and will open a short position towards The price trends seem to be forming an increasing wedge formation which shows the entering in the bearish zone but the price could soon break below the wedge point and will open a short position towards $0..
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