XRP Surges to $1: Is Stellar Lumens XLM Set to Follow?
XRP has surged past $1, boosted by political shifts associated with Donald Trump’s election. This rise has increased XRP’s market cap significantly. Stellar Lumens (XLM) has also gained, reaching $0.2554, and analysts speculate it could follow XRP to $1. Technical indicators suggest further upside for XLM ahead.
The recent surge in Ripple (XRP) prices has generated considerable interest in the potential for Stellar Lumens (XLM) to follow suit. XRP has experienced an impressive climb, recently surpassing the crucial $1 mark for the first time since 2021, largely driven by optimistic sentiments amidst political shifts, particularly following Donald Trump’s election. This ascent has elevated XRP’s market capitalization to over $64 billion, marking a significant increase of over 220% from its lowest point in 2022. The surge is primarily fueled by expectations of regulatory changes from the Securities and Exchange Commission (SEC), alongside substantial accumulation from large investors, often referred to as ‘whales’ and ‘sharks,’ who have amassed approximately $526 million of XRP within a week. This accumulation suggests a strong belief in Ripple’s future, especially as the potential for the SEC to ease its legal pressure on Ripple Labs may pave the way for fruitful partnerships within financial sectors. Simultaneously, Stellar Lumens (XLM) has mirrored this upward trend, rising to $0.2554, thereby reaching its highest value since January 2022. Given that Stellar’s objectives align closely with those of Ripple in the money transfer niche, there is speculation that XLM might also strive towards the $1 target. Currently priced at $0.24, XLM would need to increase by approximately 316% to achieve this goal. In technical analysis terms, XLM has exhibited a double-bottom pattern at $0.080, breaking above resistances and the 50-day moving average. With indicators portraying bullish momentum, predictions suggest that XLM could ascend to the 50% Fibonacci Retracement level of $0.4335, showcasing an 83% increase from current levels. A notable increase beyond its all-time high of $0.80 could further assure an approach towards the $1 milestone.
The cryptocurrency markets are notoriously volatile, and political events can often serve as catalysts for significant price movements. Ripple, known for its digital payment protocol and cryptocurrency (XRP), has garnered attention due to recent developments in the political sphere, impacting investor sentiments and regulatory scrutiny. Ripple aims to revolutionize the money transfer industry, positioning itself alongside Stellar, which shares a similar vision. Both cryptocurrencies are poised for growth depending on market conditions and regulatory changes that are anticipated following the political shifts due to Donald Trump’s election.
In conclusion, XRP’s recent price surge raises the possibility of Stellar Lumens (XLM) following suit in its ascent towards the $1 mark. As both cryptocurrencies focus on innovations in money transfers, market movements suggest that investors are hopeful about regulatory changes that could benefit both entities. XLM’s technical indicators indicate potential bullish momentum, suggesting that investors should closely monitor its price movements for further developments.
Original Source: crypto.news
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