XRP price surged to $1: will Stellar Lumens XLM be next?

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As a seasoned analyst with over two decades of market experience under my belt, I must admit that the current surge in Ripple (XRP) and Stellar Lumens (XLM) has caught my attention. The recent parabolic rise in XRP, breaking the 3-year resistance at $1, is reminiscent of the dot-com bubble days, where the saying “what goes up must come down” seemed to be forgotten.

Over the past three weeks, the value of Ripple has soared dramatically, climbing steadily due to investor enthusiasm following Donald Trump’s election and speculation about how it might influence the digital currency market.

As an analyst, I’m thrilled to report a significant milestone for Ripple (XRP): the token has breached the critical resistance at $1 for the first time since 2021. This breakthrough follows a remarkable rally, with XRP surging over 220% from its 2022 lows. Consequently, its market capitalization now stands tall above the $64 billion mark.

The current surge is largely due to Trump’s presidency and expectations of changes within the Securities and Exchange Commission. Some experts predict that the SEC might cease its legal disputes with Ripple Labs, potentially allowing Ripple to form significant collaborations with companies in the money transfer sector and financial institutions.

As per Santiment’s findings, the rise in XRP’s price can be attributed to increased purchasing by significant investors, namely whales and sharks. Over the last week, these big players have bought a staggering $526 million of XRP, reportedly acquiring tokens that retail traders were selling after realizing their profits.

šŸŽ‰ Exciting times! I’ve just witnessed XRP soar past a three-year peak, hitting $1.2679 on Binance – a level not seen since November 11, 2021. This bullish trend is largely driven by significant wallets holding between 1 million and 100 million tokens, often referred to as ‘whales’ and ‘sharks’. These influential players have collectively amassed an additional 453.3 million tokens (worth a substantial sum). As an investor, I can’t help but feel optimistic about the future of my XRP holdings!

ā€” Santiment (@santimentfeed) November 16, 2024

Stellar Lumens price could hit $1

The rise of Ripple has similarly boosted the growth of Stellar Lumens (XLM). In fact, it’s been on an upward trend for three straight weeks, reaching a price point of $0.2554 – its highest since early January 2022.

Stellar and Ripple share a comparable storyline, as they both strive to control the market for money transfers. Notably, Stellar’s creator, Gavin Wood, has had past associations with Ripple.

Stellar collaborates with well-known entities such as Circle and the asset management giant Franklin Templeton, who manages more than a trillion dollars worth of investments.

Currently, XRP is valued at $1, and certain experts believe XLM may mirroring this trend and achieve a similar price point. At its current value of $0.24 on Monday, XLM would require an increase of approximately 316% to meet this objective.

XLM price analysis

Over the past week, XLM displayed a double-bottom formation around $0.080 on its long-term chart. It subsequently surpassed its neckline at $0.1974, reaching a price point not seen since July of the previous year.

As a crypto investor, I’ve noticed an encouraging trend – the token price has surpassed its 50-day moving average and is now close to the 23.6% Fibonacci Retracement mark, suggesting potential positive momentum in the market.

Based on technical analysis, indicators such as MACD and RSI signal a continued upward trend for Stellar’s price. Analysts predict that the value could escalate to approximately $0.4335 ā€“ representing a 50% Fibonacci Retracement level and an increase of 83% from its current price. If it surpasses its all-time high of $0.80, this would suggest a potential further rise to $1.00.

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2024-11-18 16:45