Stellar‘s XLM (network native token) is one of the few that has been able to keep its head above waters in the green for the last week. Being able to gain 6.46% in the last 24-hours has positioned XLM at 1.87% for the %7d despite that some of its competitors are on the double digit negative.
The third largest currency by market cap XRP is facing increased competition in the crypto-verse of cross-border payments. Stellar, now backed in a partnership with IBM, is increasingly becoming a bigger player in the race to create the most cost-effective, widely adopted cryptocurrency for global money transfer.
Some XRP HODLers have noticed that the price of XLM is slowly catching up to that of XRP due to the latest news of cross-border payments with IBM and the acquisition of Chain. This comes by no surprise as the coin and the team behind it are delivering work constantly making it one of the most promising easily out there to choose.
The competition between the two goes way back. As mentioned in our Stellar’s Story and Latest News post. After selling off the infamous exchange Mt. Gox, Jed McCaleb turned his cryptocurrency efforts to devising a new currency. Dubbed ‘the ripple protocol,’ McCaleb sought to grow a transactionary cryptocurrency that completed blockchain consensus by members on the network. With that, the parent company Ripple was formed, which led to the creation of the token XRP. Following that, McCaleb cut its connections with the firm which lead to the creation of Stellar Foundation and XLM.
With today’s performance, it is easy to conclude that the acquisition of Chain by Lightyear, the commercial arm of Stellar’s Blockchain Foundation, has raised the bar of expectations for XLM. Chain [internal ledger builder for various clients to lower friction and move assets faster] and Lightyear will become Interstellar.