XRP, XLM, LTC: Top cryptocurrencies to watch this week

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As an analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market swings and trends. Last week’s surge in the global cryptocurrency market capitalization, reaching a record high of $3.2 trillion, was nothing short of impressive.

Last week saw an extraordinary increase of 16.3% in the total value of the worldwide cryptocurrency market, pushing it to a historic peak of $3.2 trillion and adding approximately $430 billion to its worth during that period.

Bitcoin (BTC) spearheaded the surge, hitting an unprecedented peak at over $93,000. Here’s a look at some noteworthy cryptocurrencies that made headlines last week:

XRP finally reclaims $1

Over the past week, Ripple‘s XRP (XRP), which had struggled initially during the market rise two weeks back, experienced a powerful surge independently, ending the week with an impressive 100% increase. This significant growth has helped XRP secure its place among the top-performing cryptocurrencies.

As a researcher, I observed that the asset started the week trading below the significant $0.60 threshold, a decline from its $0.57 peak reached just a few days prior. Nevertheless, as the market began to rally, the asset picked up momentum and managed to break through the $0.60 barrier on November 11th.

Despite a general market sluggishness, XRP persistently climbed higher, surpassing the $1 mark for the first time in three years on November 16th. The surge reached its highest point at $1.26, but then experienced a downturn. However, XRP was able to maintain itself above the $1 level, wrapping up the week at $1.12.

If the current pullback continues throughout this week, I would advise keeping a close eye on the upper Bollinger Band, which stands at approximately $0.9980. A fall below this level might suggest increased downward momentum.

XLM rallies 115%

Last week, Stellar (XLM) – similar to XRP in terms of price fluctuations – experienced a remarkable upward trend, ending the week with a substantial increase of approximately 115%.

Most of these profits were made on November 16th, as XLM experienced a significant surge of 50.95%. This rise was initiated by a breakout over the upper limit of the Keltner Channel on November 15th, which propelled XLM above the $0.13 threshold.

Nevertheless, this past week has brought about a steep 12% drop for XLM, with a corresponding decrease in its RSI, indicating a lessening of its momentum.

Even though the situation stands so, the Relative Strength Index (RSI) remains at 75, suggesting it’s still overbought. For now, the bulls maintain their advantage as long as XLM manages to stay above the upper boundary of the Keltner Channel, which is currently at $0.1693.

LTC knocks at $100

Starting off somewhat behind in the overall market surge, Litecoin (LTC) saw a strong surge last week, surpassing the $70 barrier. On November 11th, the asset peaked at around $80, but then dipped to $71 over the following two days.

Following its rise, Litecoin surpassed $90 for the first time since May, peaking at $98 on November 16 – a seven-month high. Yet, an attempt to break through the significant $100 barrier was unsuccessful, causing a pause in its upward movement.

Last week, LTC experienced a strong 29% increase, but it has since dropped by 8.36% at the start of this new week. Part of its momentum was driven by an upsurge in social media chatter, as the Litecoin community playfully considered transitioning into meme coin territory.

Due to current market conditions I now identify as a memecoin.

— Litecoin (@litecoin) November 14, 2024

At the moment, Litecoin (LTC) is being traded at approximately $87.58. A significant support level can be found around $85.64, which is about 38.2% Fibonacci retracement. If this level gets broken, the next resistance to hold off a drop below $80 would be at $81.57.

On the upside, Litecoin needs to clear $90.67 to regain bullish momentum.

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2024-11-17 17:38