Recently, Stellar successfully upgraded to Protocol 17, which is designed to allow businesses to issue regulated financial instruments such as money market funds, bonds, and equities.
Today, June 1, 2021 at 1500 UTC, the Stellar public network successfully upgraded to Protocol 17, which introduces a new feature designed to make it easier to issue regulated financial instruments on Stellar. Read on for more info.https: //t.co/jhQnQ6KTLr
- Stellar (@StellarOrg) June 1, 2021
Stellar, is very synonymous among investors with the title ‘Sister’ of Ripple (XRP) as it was initially developed based on the Ripple model and protocol.
Launched in 2014 by Ripple co-founder Jed McCaleb in collaboration with former attorney Joyce Kim, Stellar is a distributed blockchain-based ledger and database that facilitates cross-asset value transfer and payments.
Stellar works much like PayPal but its distribution ecosystem and native currency make cross-asset and cross-border transactions easier and faster at an affordable cost.
Meanwhile, examine the current movement chart of the XLM/USDT price.
Since the market’s opening in Jan 2021, the Stellar ecosystem has shown consistent growth yielding over 400% over 4 months thus making the all -time high (ATH) level at the $ 0.79 price level on May 16, 2021.
Unfortunately, Stellar failed to continue its gains after Tesla stopped Bitcoin payments and China banned cryptocurrency trading, slipping to support levels around $ 0.30.
From a technical point of view, if the price movement returns to rise again, the SBR level (support become resistance) around the price of $ 0.36 needs to be broken first before continuing to rise to the next SBR zone.
However, if the Stellar price movement continues to see a bearish pattern, the previously reached $ 0.30 support level will be tested again for the expectation of making a rebound or continuing to maintain the bearish trend.
At the time of writing, XLM/USDT is trading at $ 0.33, down over 11% in 24 hours. XLM is currently ranked 19th on the crypto chart.
