- Summary:
- XLM price has mirrored XRP's performance in recent days, but has ultimately outperformed it. We tell you why the upside isn't over yet.
XLM price rose sharply on Wednesday, gaining more than 7 percent to bring its weekly gains to 107 percent. Stellar Lumens (XLM) has been the best-performing cryptocurrency among the top-20 ranked digital assets in the last week, underlining its strong upside momentum. In addition, its gains only trail Hedera among the top 30 cryptos during the same period.
The momentum has seen XLM price form a “golden cross” on the daily chart, affirming the bullish control of the price trajectory. A “golden cross” is an upside crossover of the 50-period moving average indicator above the 200-period moving average indicator. Some analysts have drawn parallels between Stellar’s gains and XRP’s rise in recent days, and it is easy to see why.
XLM mirrors XRP’s performance
While XLM price has risen by more than 100 percent in the last week, XRP has gained 57 percent. On a monthly basis, XRP price has risen by 104 percent while XLM has gained 152 percent. However, XRP has the SEC case hanging over it, unlike Stellar. Both XLM and XRP were developed to enhance integration between Traditional Finance (TradFi) and cryptocurrencies. XLM originated from XRP, but the two have each gone on to cut their own niches in the mainstream financial system.
XLM has since been adopted by major institutions in TradFi, including Mastercard, MoneyGram, Blackrock, Stripe, Cycle, among others. With the incoming Trump administration set to open up the crypto market, there could be greater use of XLM in day-to-day financial transactions.
XLM price prediction
XLM price pivots at 0.241, with the RSI indicator showing the buyers in control. The momentum will likely take the price higher to meet the first resistance at 0.251. However, if the buyers extend their control, the price will breach that barrier and potentially test the second resistance at 0.260.
Conversely, moving below 0.241 will favour the sellers to be in control. In that case, XLM is likely to find initial support at 0.234. However, a stronger bearishness could break below that mark and convert it to a resistance level. That would invalidate the upside narrative and potentially test 0.228.
