As of today, the overall cryptocurrency market capitalization has surged by 6.52%, reaching $1.26 trillion. This significant rally can be attributed to Ripple Labs’ resounding victory in its legal battle against the Securities and Exchange Commission (SEC), confirming that XRP is not considered a security. Because XLM is a part of Ripple, the effects can be seen on its price chart as well.
Drawing inspiration from XRP’s price rally, the second top gainer, XLM (the native token of Stellar), is also showcasing impressive performance. It recorded an astounding 60% overnight gain, closely mirroring the surge of XRP, thanks to Ripple Labs’s victory. In comparison, altcoins such as SOL, MATIC, LDO, and ADA witnessed a more modest increase of 20% to 25%.
Stellar (XLM) Witnesses Phenomenal 60% Price Jump
During Thursday’s trading session, the Stellar (XLM) cryptocurrency witnessed an impressive surge, soaring from $0.095 to $0.19, marking an almost 100% increase. However, the price of XLM has retraced since then and is currently trading at the $0.1509 level as of the time of writing.
Data from CoinMarketCap reveals a substantial influx of buyers accumulating XLM tokens, leading to a staggering 3000% surge in trading volume, observed at $1.2 trillion in the last 24-hour. Despite these efforts, buyers still require further accumulation to overcome the strong resistance level at $0.186.
Based on the analysis from the Bollinger Band indicator, there is a possibility that the price of Stellar (XLM) may consolidate at its current level before experiencing further upside momentum. It is worth noting that the XLM price is currently outside the range of the Bollinger Band indicator.
Additionally, the notable RSI indicator is currently in the overbought range, suggesting a favorable bullish momentum on the price chart. Similarly, the MACD indicator is showing upward movement in the positive region, accompanied by continuously increasing histograms. These indications strongly support a bullish outlook for the Stellar (XLM) cryptocurrency.
