International remittance service MoneyGram is once again dipping its toes into the blockchain pool. The company has just revealed a new partnership with the Stellar Foundation on October 6, 2021, to develop a payments bridge that streamlines money transfers and enables near-instant settlement in USDC, a stablecoin pegged to the U.S. dollar developed by Circle.
The announcement, which was released a few hours ago, highlights Moneygram’s innovative vision, assuring that the partnership “will revolutionize settlement flows.”
Moneygram Has Not Quit On The Blockchain
As explained in the Press Release, Moneygram would use a version of USDC running on the Stellar blockchain as a means to make transactions more efficient. United Texas Bank will serve as a settlement bank between Circle (USDC issuer) and MoneyGram (remittance service provider).
This would be Moneygram’s second attempt to leverage blockchain to improve its service. Stellar is a direct competitor to Ripple, born after Jed McCaleb – co-founder of Ripple – parted ways with the company due to conceptual differences and devoted himself entirely to creating his own project.
Stellar Lumens (XLM), Stellar’s native token, had an important jump, closing the day with a 12%+ rise also fueled by Bitcoin’s extraordinary performance during the day. XLM opened the day at $0.31 and closed it at $0.357 with a daily high of $0.364.
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Price of Stellar Lumens (XLM). Image: Tradingview
Moneygram shares, meanwhile, were more conservative. The company has been unable to stop a free fall from its July yearly high and barely posted 0.9% growth – going from $7.6 to $7.69 – with no apparent trend reversal.
Price of Moneygram shares. Image: Tradingview
Bye Ripple, Hello Stellar
This partnership is a clear signal that Moneygram wants to move forward and shake the bad experience it had with Ripple out of the way.
In 2019, Moneygram and Ripple announced a partnership. Moneygram would use the RippleNet as part of the exchange settlements process for international remittances, also receiving financial incentives in the form of XRP, in exchange for giving Ripple an equity stake in the company.
The partnership lasted nearly two years and ended in March 2021 after the SEC formally initiated a legal proceeding against Ripple, accusing it of using XRP as a way to issue unregistered securities.
In an official statement, Ripple assured that the decision to split was a joint one. Both parties committed to revisiting their relationship in the future after the SEC dispute was elucidated.
We are proud of the work we were able to accomplish in a short amount of time, as well as the impact we were able to achieve in bringing this first-of-its-kind product to market. Together, we processed billions of dollars through RippleNet and On-Demand Liquidity (ODL).
But now that Stellar entered the game, perhaps Moneygram would not want to wait for Ripple in order to achieve its goal of becoming a blockchain-friendly corporation.
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Despite overcoming its nemesis at $60,000 yesterday, bitcoin’s struggles with that particular level continue as the asset has dipped beneath it. Most altcoins have also retraced slightly, with the apparent exception of XRP, which surged to a new 3-year high of $1.4 following more positive news in the ongoing legal battles with the SEC.
Bitcoin Dips Below $60K Again
After a three-week-long wait, bitcoin finally overcame $60,000 yesterday. Furthermore, the cryptocurrency kept going upwards and charted a high of $61,200.
However, the situation has changed since then. Just as the community was over joyous with the developments, BTC started to retrace.
In the following hours, the primary cryptocurrency lost roughly $2,000 of value to a low of $58,300 (on Bitstamp). The roller-coaster continued, though, and BTC spiked above $60,000 again before slipping to its current level of approximately $59,500.
According to the technical indicators, $60,000 remains the first major resistance line in BTC’s way up, followed by $61,170 and the ATH of $61,780. Alternatively, the support levels at $59,070, $58,355, and $57,695 could assist in case of a price breakdown.
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BTCUSD. Source: TradingView
XRP Heads Higher; XLM Enters Top 10
The altcoin market also enjoyed Saturday. Ethereum painted a new all-time high just inches away from $2,200. However, the second-largest cryptocurrency has lost a little more than 2% since then and is down to just above $2,100.
Binance Coin also marched to a new record at $485 but has calmed around $475. Nevertheless, BNB is up by over 40% in the past week.
Polkadot (-5%), Cardano (-3%), Uniswap (-4%), and Chainlink (-3%) have also retraced on a 24-hour scale.
At the same time, Litecoin has jumped by 10% to $250, and Stellar has surged by 25% to $0.61. Moreover, XLM has replaced LINK in the top ten coins by market cap.
Ripple’s performance, though, has trumped all larger-cap altcoins. The blockchain-based payment processor won another legal fight against the SEC as Judge Netburn halted the Commission’s attempts to gain personal financial records of the company’s executives.
The native token skyrocketed by about 40% in the following hours and marked a new 3-year high at $1.4.
More gains come from Elrond (15%), Reserve Rights (13%), Zcash (10%), IOTA (10%), and NEM (10%).
Despite some retracements from Dent (-16%), Holo (-15%), KuCoin Token (-15%), Pundi X (-15%), and more, the crypto market cap has remained above $2 trillion.
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Bitcoin is up by a cool 20% over the past week as it currently trades near the $35,700 handle. The number 1 ranked cryptocurrency had been trapped within a range for the majority of the week as it oscillated between $33,000 and $30,000.
Looking at the larger picture, Bitcoin was trading within a descending triangle pattern since hitting the new ATH price at $42,000 in early January 2021. It had spiked beneath the lower boundary of this triangle at $30,000 throughout the week but managed to close each daily candle inside it.
Yesterday, Bitcoin started to rebound from $30,000 as it broke the previous week’s trading range as it broke above $33,000 to hit $34,000. Today, the surge continued higher, allowing Bitcoin to break the upper boundary of the triangle and end the current consolidation phase.
Looking ahead, the first level of resistance lies at $37,151. This is followed by $38,000, $39,190, $40,000, and $40,732. Beyond $41,000, resistance is found at $41,836, $42,000 (ATH), and $43,445 (1.272 Fib Extension).
On the other side, the first level of support lies at $36,000. This is followed by $34,000, $33,000, $32,500 (.382 Fib), $30,756, and $30,000.
BTC/USD Daily Chart. Source: TradingView
Ethereum
Ethereum is up by a total of 23.7% over the past week as it currently trades at the $1370 level. It started the week by trading at the $1200 support (.236 Fib) as it started to push higher.
On Monday, Etherrum managed to clock in a new ATH price at $1472 but still could not close a daily candle above the $1390 resistance level. It dropped from there over the course of the week until it found support at $12000 again and rebounded to return to the $1390 resistance today.
Looking ahead, the first level of resistance lies at $1425. This is followed by $1472 (ATH), $1530 (1.414 Fib Extension), $1580, and $1600. Additional resistance lies at $16446 (1.618 Fib Extension), $1685, and $1768.
On the other side, the first level of support lies at $1350. This is followed by $1300, $1200 (.236 Fib), $1100 (.382 Fib), and the rising support channel. Added support lies at $1000 and $977 (.5 Fib).
ETH/USD Daily Chart. Source: TradingView
Against Bitcoin, Ethereum had pushed higher at the start of the week to create a 2021 high price at 0.045 BTC. It fell lower from there over the course of the week until support was found at 0.0405 BTC on Wednesday. This support was broken yesterday as ETH slipped into the lower boundary of the rising price channel.
Today, ETH plummeted beneath the channel as it dropped as low as 0.0361 BTC (March 2019 High). It has since rebounded slightly and is trading around 0.0376 BTC.
Looking ahead, the first level of support beneath 0.0376 BTC lies at 0.0361 BTC. This is followed by 0.0353 (.618 Fib), 0.0337 BTC (Nov 2020 Highs), and 0.0318 BTC (100-day EMA).
On the other side, resistance lies at 0.0390 BTC. This is followed by 0.0396 BTC (Feb 2019 High), 0.0405 BTC (2020 High), and 0.0416 BTC (2019 High).
ETH/BTC Daily Chart. Source: TradingView
Ripple
XRP is up by a small 6.5% this week but continues to trade within the symmetrical triangle pattern established in January 2021. The cryptocurrency was holding support at $0.263 (.618 Fib) for the majority of the past three weeks but slipped beneath here on Wednesday.
It managed to find support at the lower boundary of the triangle and rebounded from there. Today, XRP spiked higher above the triangle, reaching as high as $0.36 but has since dropped lower to trade back inside the boundaries of this triangle.
Looking ahead, if the bulls can break back above the triangle, the first level of resistance lies at $0.3. This is followed by resistance at $0.35 (Feb 2020 highs), $0.358 (bearish .382 Fib), and $0.4. Added resistance lies at $0.417 (bearish .5 Fib) and $0.45.
On the other side, the first support lies at $0.263 (.618 Fib). This is followed by the lower boundary of the triangle, $0.23 (.786 Fib), $0.219 (Nov 2020 lows), and $0.2.
XRP/USD Daily Chart. Source: TradingView
Against Bitcoin, XRP continues to trade in the narrow range that it has been trading within throughout January 2021. The boundaries lie at 867 SAT and 670 SAT.
XRP attempted to break the upper boundary today, almost reaching as high as 1000 SAT, but has since dropped lower to trade at 774 SAT.
Moving forward, the first level of resistance lies at 867 SAT. This is followed by 1015 SAT, 1200 SAT (Dec 2017 lows), 1425 SAT, and 1550 SAT (Nov 2020 low & 100-day EMA).
On the other side, the first support lies at 700 SAT. This is followed by 670 SAT, 600 SAT, 590 SAT, and 500 SAT.
XRP/BTC Daily Chart. Source: TradingView
Stellar
XLM is up by a total of 21.4% over the past week as the coin currently trades at $0.3. The coin started the week at $0.27 and started to head lower from there. It continued to fall until support was met at $0.225 (.618 Fib) on Wednesday, which allowed it to rebound.
After rebounding, XLM surged to $0.3 yesterday. Today, it surged as much as 50% to reach as high as $0.447 but quickly came back down to trade at the current $0.3 level.
Looking ahead, if the bulls kick into gear again, the first level of solid resistance lies at $0.35. This is followed by $373 (1.272 Fib Extnesion), $0.4, and $0.418 (bearish .382 Fib). Additional resistance lies at $0.442 (1.618 Fib Extension), $0.464 (April 2018 highs), $0.485 (1.272 Fib Extension – blue), and $0.5.
On the other side, the first support lies at $0.289 (.382 Fib). This is followed by $0.27, $0.257 (.5 Fib), $0.224 (.618 Fib), and $0.2 (100-day EMA).
XLM/USD Daily Chart. Source: TradingView
Against Bitcoin, XLM has traded sideways this week. Yesterday, it bounced from 775 SAT as it pushed higher into 900 SAT. Today, it surged as high as 1180 SAT before coming back down to trade at the current 836 SAT level.
Looking ahead, the first level of resistance lies at 900 SAT. This is followed by 935 SAT (bearish .618 Fib), 1000 SAT, 1091 SAT (Bearish .786 Fib), 1180 SAT (today’s high), and 1185 SAT (bearish .886 Fib). Added resistance lies at 1200 SAT and 1300 SAT.
On the other side, support is first expected at 832 SAT (.382 Fib). This is followed by 775 SAT, 741 SAT (.5 Fib & 200-days EMA), 700 SAT, and 650 SAT (.618 Fib).
XLM/BTC Daily Chart. Source: TradingView
Uniswap
Uniswap is up by an epic 88% over the past week as it trades around $14.90. The coin started the week by pushing higher from $8 as it started making a steeply ascending price channel. The cryptocurrency surge continued throughout the week until meeting resistance at $15.30 (1.272 Fib Extension & upper boundary of the channel) on Wednesday.
It stalled around $14 yesterday but pushed as high as $15.75 today. It has since dropped back beneath $15.
Looking ahead, the first level of resistance lies at $15.30 (1.272 Fib Extension). This is followed by $16, $16.52 (1.414 Fib Extension), $17, and $18. Added resistance lies at $18.20 (1.618 Fib Extension), $19.45, and $20.
On the other side, the first level of support lies at $14 (lower boundary of the channel). This is followed by $13.70 (.236 Fib), $13, $12.42 (.382 Fib), and $11.
UNI/USD Daily Chart. Source: TradingView
Against Bitcoin, UNI has also been surging this week. It started by breaking the 0.0003 BTC resistance level and continued to surge until resistance was met at 0.000504 BTC (1.618 Fib Extension) on Wednesday.
It has since dropped lower from there, spiking to 0.00035 BTC today before returning to the current 0.000409 BTC level.
Looking ahead, the first level of support lies at 0.0004 BTC. This is followed by 0.000364 BTC (.382 Fib), 0.00035 BTC, 0.0003 BTC, and 0.000277 BTC (.618 Fib).
Alternatievley, resistance lies at 0.00045 BTC, 0.000504 BTC (1.618 Fib Extension), 0.00055 BTC, and 0.000581 BTC (1.272 Fib Extension). Added resistance lies at 0.00062 BTC and 0.00065 BTC.
UNI/BTC Daily Chart. Source: TradingView
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XLM seems to be holding strong at the $0.27 support over the past three days after it surged as high as $0.45 last week. The cryptocurrency could not break a daily candle above $0.35 and started to head lower from there. Nevertheless, it’s up about 50% since the open seven days ago and it’s now facing an important resistance.
During the BTC intra-day price drop on Monday, XLM fell as low as $0.2 but quickly recovered to close the daily candle above $0.27. It has since pushed higher toward $0.286 but is trading beneath a short term falling trend line, which will need to be penetrated to head higher.
XLM/USD Daily Chart. Source: TradingView
XLM-USD Short Term Price Prediction
Looking ahead, if the bulls break the current falling trend line, the first level of resistance lies at $0.3. This is followed by $0.325, $0.35, and $0.373 (1.272 Fib Extension). Additional resistance lies at $0.4, $0.418 (bearish .382 Fib Retracement), and $0.442 91.618 Fib Extension).
On the other side, the first level of support lies at $0.27. This is followed by $0.257 (.5 Fib), $0.224 (.618 Fib), and $0.2.
The daily RSI remains above the mid-line and has dropped from extremely overbought conditions, giving the market breathing space to push higher again.
XLM/BTC – Stellar Holding Strong Above 200-days EMA
Against Bitcoin, XLM had also surged as high as 1150 SAT last week. More specifically, it could not close a daily candle above resistance at 935 SAT (bearish .618 Fib Retracement). From there, it started to head lower toward the end of last week until support was found at 740 SAT (200-days EMA & .5 Fib).
It held this support for five days and rebounded from there yesterday. It is now trading above a steeply rising rend line at around 840 SAT.
XLM/BTC Daily Chart. Source: TradingView
XLM-BTC Short Term Price Prediction
Moving forward, if the buyers push higher, the first level of resistance lies at 935 SAT (bearish .618 Fib). This is followed by resistance at 1000 SAT, 1091 SAT (bearish .786 Fib), and 1184 SAT (bearish .886 Fib).
On the other side, the first level of support lies at the rising trend line, around 800 SAT. Beneath this, support lies at 740 SAT (200-days EMA), 700 SAT (100-days EMA), 650 SAT (.618 Fib), and 590 SAT (March 20 low).
Likewise, the RSi has pulled back from extremely overbought conditions and is now pushing higher as the bullish momentum increases again.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Bitcoin Bitcoin saw a slight retracement from its bullish rally this week after dropping 6.3% over the past 7 days. The cryptocurrency started the week on a bullish footing as it climbed higher from $18,000 and reached as high as $19,500. Unfortunately, it could not close a daily candle above $19,265 (1.272 Fib Extension) during […]
