Stellar (XLM) is a coin that’s been on our watch list for some time now and it’s one that we’ve covered on a number of occasions over the last few months. Back at the start of December (December 6, to be specific), we published this piece. In the piece, we argued that there was plenty more run room for XLM heading into the end of 2017 and during early 2018 and that our bias on the coin was strongly bullish.
At that time, XLM went for $0.13 a piece and a market capitalization of $2.35 billion.
By January 4, the coin had risen to $0.85 and a market capitalization of $15.22 billion. That’s a more than 550% increase over a circa four-week period and one that validated out near-term expectations.
Right now, however, the coin goes for $0.55. The wider market has corrected somewhat over the last couple of weeks and this correction is likely largely responsible for the dip we’ve seen in XLM.
As such, as the wider market turns around (and we fully expect that it will), there looks to be plenty of potential for a near-term upside recovery towards and perhaps a little beyond the above-mentioned highs.
There’s a fundamental factor in play here, however, and it’s one that could shift this coin into a higher gear and – in doing so – leave the $0.85 highs in the rearview mirror.
Here’s what we are looking at.
As many reading might already be aware, bitcoin has just been dropped by Stripe as a payment method on its payments processing service. This isn’t too much of a surprise given the current state of the network and, while the issues may well be resolved very near term, at which point Stripe will almost certainly pick back up on bitcoin as a payment method, it’s just not viable in its current condition.
What many didn’t notice, however, was a note on the announcement detailing the dropping of bitcoin that outlined Stripe’s plans to potentially integrate Stellar into its offering, in place of bitcoin.
Right now, Stellar transactions settle in a matter of seconds (the company states that it’s somewhere between two and five seconds as things stand), making it an ideal cryptocurrency settlement asset for Stripe’s customers.
The announcement came as part of this blog post, in which the company outlined that it’s not just dropping bitcoin – the process is likely to take up to three months and will involve a gradual winding down of its use – but this paves the way for Stripe to integrate Stellar and provide it as an alternative offering to its clients in place of the bitcoin integration they currently use as a selling point for their service.
As this story matures, then, it could really start driving speculative attention towards Stellar and its XLM representative currency.
What all this means is that not only have we got a currency that’s undervalued as compares to its value this time just a couple of weeks ago (assuming that the dip in valuation is rooted in the wider cryptocurrency market correction) but we’ve also got a coin that is making fundamental and operational strides towards commercial integration.
Technical analysis is one thing as it drives short-term speculative volume but enterprise integration is what these companies are really looking for and Stellar is offering investors just that.
When you combine both of these factors, it highlights the incredible near and long-term opportunity in an exposure picked up at current prices.
One to watch.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Stellar
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