The price of Stellar (XLM) has soared to its highest level since April 2022, reaching near $0.20. This surge in XLM’s price comes after Ripple’s token, XRP, experienced an impressive 87% increase in less than three hours.

Ripple recently won a court battle against the US Securities and Exchange Commission (SEC), with a judge ruling that XRP is not a security. This news had a significant impact on the crypto market, causing XLM and other altcoins to rally.

Stellar’s price reached near $0.20, making it the top performer among altcoins. Other cryptocurrencies that experienced gains included Cardano (ADA), Polygon (MATIC), and Solana (SOL). Bitcoin and Ether also saw positive price movements.

XLM is anticipated to continue its upward momentum as XRP aims for $1. The two cryptocurrencies have similar historical patterns and market performance. With XRP expected to continue rallying, this could have a cascading effect on XLM price.

If XRP surpasses $1, it is likely that Stellar’s native token will target $0.24 and potentially even $0.40. On the downside, the key support level for XLM remains at $0.073.

XLM Price Outlook

With XRP’s recent court victory and the resulting surge in price, XLM is expected to benefit from the positive market sentiment. On-chain data indicates that the court decision drove significant whale activity and increased trading volume.

As XRP continues to rally, it is plausible that XLM’s price will experience further gains. Traders and investors should monitor the price movements of both XRP and XLM for potential trading opportunities.

Frequently Asked Questions (FAQs)

What caused the surge in XLM’s price?

The surge in XLM’s price can be attributed to the impressive rally of Ripple’s token, XRP. After winning a court case against the SEC, XRP experienced an 87% increase in less than three hours. This positive news had a ripple effect on the overall crypto market, including XLM.

Why did XLM outperform other altcoins?

XLM outperformed other altcoins due to its similarities with XRP in terms of historical patterns and market performance. As XRP rallied, it drew positive market sentiment, which also benefited XLM. Additionally, XLM’s unique features and technology may have attracted investors seeking alternatives to mainstream cryptocurrencies like Bitcoin and Ethereum.

What is the outlook for XLM’s price?

The outlook for XLM’s price is positive, given the continued rally of XRP. If XRP surpasses $1, it is likely that XLM will continue to experience upward momentum. Traders and investors should closely monitor XRP’s price movements and the overall market sentiment to make informed decisions regarding XLM.

What is the key support level for XLM?

The main support level for XLM is currently at $0.073. If the price of XLM experiences a significant dip, this support level will likely provide a level of stability and could potentially attract buyers aiming to capitalize on the dip.

Is investing in XLM and XRP recommended?

Investing in XLM and XRP carries inherent risks, as with any investment in cryptocurrencies. Both XLM and XRP have shown significant price volatility, which can lead to both substantial gains and losses. It is advisable to conduct thorough research, assess your risk tolerance, and consult with a financial advisor before making any investment decisions.

Note: The information in this article is for informational purposes only and should not be construed as financial or investment advice.