Ripple (XRP) and Stellar (XLM) are both soaring high on Friday. Is this the beginning of a new crypto adventure, or have these layer 1 blockchain tokens finally found their footing after the recent crypto downturn?
$XRP: The Crypto Speedster 🚗
Up by more than 8% on Friday, the $XRP price is racing ahead. The daily chart shows that a local bottom was likely made on 3 February. The very long wick to the downside indicates strong buying interest as the price approached the major $1.96 horizontal support.
However, smooth sailing is not guaranteed. Horizontal resistance lies ahead, and it coincides with the descending trendline. If the bulls can push the price beyond this, a new local high could be in sight. If the price is rejected, there could be a return to support at $2.32, and then the aforementioned major horizontal support below this.
A Tale of Two Crypto Worlds for $XRP 🌎🌍
The monthly chart for $XRP is truly fascinating. There appears to be a price structure forming above the major horizontal support at $1.96, and the very long wick down to this level confirms this.
However, the price has risen so quickly that it will be challenging for the market to absorb this move anytime soon. More sideways consolidation is the more likely path. At the bottom of the chart, the Stochastic RSI (momentum indicator) is starting to show a potential cross back down.
$XLM: A Downturn Since November 📉
The $XLM price has been in a downtrend since November 2024. Lower highs and lows have brought the price all the way back to the major horizontal support at $0.31. This latest bounce needs to take the price through the current resistance, and also the descending trendline, in order to begin to reverse the downtrend.
$XLM: Strong Horizontal Support Confirmed 💪
The bigger picture for $XLM shows how the downtrend may be bottoming. The current candle has a long wick to the downside, and this confirms the strong horizontal supports below.
Nevertheless, the Stochastic RSI at the bottom of the chart is displaying that the indicator lines are continuing to cross down past the midpoint, and there are only two days left for this to be confirmed. This could prove to be a major headwind going forward, and could signal a longer period of sideways price action until the indicators either reach the bottom, or turn back up from the 20.00 level.
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2025-02-14 15:31