The price of Stellar Lumens experienced a significant surge, breaching a crucial threshold due to increasing optimism within the cryptocurrency market.
Stellar’s price reached a peak of $0.4850 today, which is its highest since December 9, representing a significant jump of approximately 56% compared to its all-time low in December.
The way it moved in price was similar to Ripple (XRP) and other significant digital currencies. Ripple breached a notable $3 price barrier, which boosted its total market value to an impressive $163 billion, surpassing BlackRock – the world’s largest asset manager in terms of size.
As a financial analyst, I observed a notable surge in value for various digital currencies such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). This growth propelled the cumulative market capitalization of all cryptocurrencies to an impressive $3.6 trillion.
The drop in Core Consumer Price Index (from 3.3% in November to 3.2% in December) led to a strong surge in the cryptocurrency market as it lowered U.S. bond yields. Analysts speculate that if inflation keeps decreasing, the Federal Reserve could adopt a more accommodating monetary stance.
Stellar Lumens saw advantages due to increasing enthusiasm surrounding Donald Trump’s impending inauguration and potential adjustments in the cryptocurrency industry’s regulatory landscape. According to Reuters, the incoming leadership at the SEC, including Paul Atkins and other Republican commissioners, are contemplating halting certain enforcement actions and soliciting public opinion on crypto regulations. These proposed policy changes could significantly stimulate the crypto market.
The current news brings a ray of hope for Ripple, a company that’s been embroiled in a four-year-long legal dispute with the SEC. Interestingly, Stellar and Ripple share close ties as both primarily concentrate on facilitating cross-border transactions. Notably, Stellar’s founder, Jed McCaleb, was initially part of Ripple’s founding team.
XLM price analysis
On this day, Stellar Lumens’ token reached its peak at $0.4860, marking its highest point since December 16. This spike in price occurred after the formation of a falling wedge pattern, which is typically seen as a positive sign of reversal. This pattern is characterized by two lines that gradually converge and move downwards, often indicating a potential upturn.
Stellar’s current position maintains it above its 50-day moving average and it’s inching towards the Fibonacci Retracement level of about $0.5090. Moreover, the recent surge has disproven a potential double-top pattern, adding credence to the optimistic perspective.
Based on these technical factors, it’s likely that Stellar Lumens (XLM) will keep climbing, with investors aiming for last year’s peak of around $0.6400 – a roughly 30% increase from the current price. However, this optimistic view could be disproven if XLM falls below the significant support point at $0.40.
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2025-01-16 17:59