XLM price surges past $0.23 in response to launch of new remittance corridor in Philippines

XLM price has started a rally, posting double-digit gains overnight. The launch of a new remittance corridor powered by XLM, in the Philippines has fueled a bullish narrative among investors. 

XLM price breaks out past $0.23

XLM price started a rally, breaking out of its downtrend and posted double-digit gains overnight. The altcoin offered nearly 10% gains over the past 24 hours and 20% over the last seven days. 

In a recent release, Stellar-backed Velo Labs and Philippine Digital Asset Exchange (PDAX) have announced a new partnership for the launch of a remittance corridor. Velo Labs is a leader in remittance and money transfer in Southeast Asia.

Proponents believe the new partnership is likely to drive the adoption of XLM higher. The new corridor in the Philippines would be powered by the Stellar network, enabling investors to buy and sell cryptocurrencies through the digital asset exchange PDAX. 

The Stellar Consensus Protocol layer would process and settle transactions and enable remittances. 

Recently, the Stellar Development Foundation had announced the launch of a fund to fuel projects that build on the network. This could increase the utility of XLM in the future, creating demand for dApps and blockchain-based solutions powered by the altcoin’s network. 

Analysts have evaluated the XLM price trend and predicted a continuation of the altcoin’s rally. XLM price has crossed $0.23, and analysts believe the altcoin could hit $0.25 and $0.26 next, breaking past resistances in its uptrend. 

Analysts at The Crypto Express believe XLM price is ready for a massive breakout, and the uptrend is confirmed. Analysts have predicted a doubling of XLM price over the next three months.