Stellar’s XLM and Ripple’s XRP are both seeing strong price increases, moving up together in the market. Ripple’s recent announcement about the launch of its stablecoin, RLUSD, has triggered notable excitement, which has seen XRP’s price move up.
XRP’s upward movement has historically influenced Stellar, as both projects are closely associated with U.S.-based blockchain initiatives. So whenever XRP sees significant gains, XLM tends to follow due to market sentiment and investor expectations.
What you'll learn 👉
Stellar Chart Analysis
The XLM chart reveals a bullish falling wedge pattern on the 2-hour chart. The pattern indicates a period of downward price consolidation followed by a potential upward breakout. A breakout from this structure is typically a bullish signal, suggesting further upward momentum.
A projected 40% increase has been identified as XLM’s price targets the resistance zone near $0.63. Support levels remain strong at the lower boundary of the falling wedge, around $0.21 to $0.23. Popular analyst World Of Charts confirmed this bullish outlook in a tweet, stating:
“$XLM #XLM Getting Ready For Another Bullish Wave Breaking Consolidation Expecting Another 40% After Successful Breakout.”
Strong Market Performance and Rising Trading Activity
XLM’s price went up by 12% in the last day, putting it near the top of the market. More investors are getting interested in Stellar lately. Trading has picked up too – the volume jumped by about 150%, which means a lot more people are moving XLM around.
This increased trading activity supports the recent price breakout that many traders were watching for. High activity levels often accompany bullish movements, strengthening the ongoing price rally.
Outlook for Stellar (XLM)
Stellar’s current price surge aligns with broader market trends, particularly the bullish performance of XRP. Ripple’s RLUSD launch continues to generate momentum, indirectly benefiting XLM. With technical indicators signaling further upside potential, the market will closely monitor Stellar’s ability to sustain its breakout and target the projected levels.
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