Altcoins News

50% increase in the price of Stellar, rival of Ripple

Stellar prices have risen more than 50% in the last 24 hours. According to market analysts and experts, the news of Stellar’s cooperation with the Ukrainian government and the weakening of Ripple’s position are among the factors behind the growth of this digital currency.

Coin Telegraph in Report He has just mentioned the signing of a memorandum of cooperation between Stellar and the Central Bank of Ukraine as a victory of Stellar over Ripple in the discussion of Blockchain payment networks. The TIE data also show that long-term feelings for Stellar are now more positive than XRP‌.

Ripple / Stellar currency pair price
Ripple / Stellar currency pair price

The price of Ripple has dropped by about 60% due to a lawsuit filed by the company and the US Securities and Exchange Commission (SEC). Ripple is accused of selling unregistered securities through the supply of XRP tokens.

Yesterday’s Thai data show that the long-term sentiment index for Stellar is in the range of 70, and this figure is below 70 for Ripple. It should not be forgotten that this index was at its historical peak before the official announcement of the US Stock Exchange Commission’s complaint against Ripple.

The state of market sentiment in the long run towards Ripple and Stellar
The state of market sentiment in the long run towards Ripple and Stellar

The signing of a cooperation agreement between the Ukrainian government and Stellar was one of the factors that accelerated the upward performance of this digital currency. Under the agreement, Stellar and the Central Bank of Ukraine will work together to digitize Ukraine’s national currency.

The price of Stellar rose after the news broke and jumped 30% to $ 0.176 on Tuesday. This is the highest price of Stellar since November 2018. Last week, the number of Stellar transactions reached its highest level in history. Each Stellar unit is currently trading in the $ 0.26 range.

Stellar price chart
Stellar price chart

It should not be forgotten that it is not yet clear how the Ukrainian government will use the Stellar blockchain, but Stellar has confirmed in a statement that a payment system is an essential part of the understanding between Stellar and the Ukrainian government. Denelle Dixon, CEO of the Stellar Development Foundation (SDF), said in a press release:

Towards cooperation [مؤثر] We look forward to working with the Ukrainian Ministry of Digital Transformation and other stakeholders to digitize the Grivna (Ukrainian National Currency) and provide Stellar-based tools and services to the Ukrainian people and businesses. [همچنین] We hope that there will be more opportunities for cooperation in Ukraine with the Stellar ecosystem.

Stellar can now be added to the list of quinces that have seen price spikes in recent weeks. Over the past few weeks, the price of many altcoins has risen by up to 40 percent.

Meanwhile, the price of bitcoin has broken its price records one after another in recent weeks. Yesterday, however, we saw the price correct and reach the range of $ 27,700 in some exchanges. The price of each bitcoin unit is currently trading in the $ 35,000 range.


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