Stellar’s XLM increased by 73.39% in the last 24 hours to $ 0.31. The ninth-place cryptocurrency XLM has seen an increase of over 73 percent and a massive increase to the $ 0.29 level.
The reason for the rise
This rise came two days after the news that the Ukrainian government chose the Stellar platform to create its own CBDC, the digital hryvnia.
According to the press release, a memorandum of understanding and cooperation was signed between Stellar Development Foundation and Ukraine’s Ministry of Digital Transformation on December 28.
The agreement stated that Stellar will help build the digital asset market in the country and will support projects linked to digital assets. Stellar will also help develop regulations for stablecoins in Ukraine and develop the National Bank of Ukraine and the local CBDC.
At the time of writing, XLM is trading at $ 0.31. This level was last seen in May 2018.
Stellar and XLM outperform Ripple and XRP
Stellar seems to do better than XRP in terms of both regulatory issues and local asset price.
After Ripple became the target of two lawsuits – from the SEC and Ripple’s major stakeholder Tetragon Financial Group, XRP has been largely removed from exchanges, including giants like Binance US, Coinbase, Bittrex, Bitstamp, and others.