Stellar Lumen price formed a divine candle and rose to its highest level in a week while other cryptocurrencies fell.
Stellar (XLM) rose to $0.3822, up over 22% from its low this month, taking its value to over $11 billion.
This rally came as the company’s supply situation continued this week. In a statement on Tuesday, the developers announced a partnership with Fonbnk, a solution that enables a seamless on-ramp solution for digital banking in Africa. This means anyone with a mobile SIM card can access digital banking solutions using Stellar’s technology.
Stellar’s recovery also came due to its close relationship with Ripple (XRP), which has formed a bullish pennant pattern that suggests further gains ahead. The two coins are likely to benefit when Donald Trump is sworn in as President of the United States later this month.
Ripple hopes for the end of the Gary Gensler era will usher in a new period of friendly regulation in the crypto industry. A possible victory would be the end of the SEC’s appeal a ruling in which a judge ruled that XRP was not a security.
There is also the possibility that the SEC under Paul Atkins, will approve a spot XRP exchange-traded fund later this year. WisdomTree, a company with over $100 billion in assets, has already filed.
Meanwhile, Stellar’s blockchain continues to grow. According to Dune, its network processed over 1.16 million smart contract calls, up from almost zero in the same period last month. This was achieved without any problems.
