As a seasoned analyst with years of experience navigating the tumultuous seas of cryptocurrency markets, I must say that the recent surge of Stellar (XLM) has piqued my interest. The 12% jump within the last 24 hours is reminiscent of a well-timed breakwave in a stormy sea – unexpected yet invigorating.
In the past day, Stellar (XLM) has experienced a 12% increase, catching the eye of the crypto market. Remarkably, this sudden rise aligns with substantial price fluctuations in other prominent cryptocurrencies like Ripple (XRP) and Bitcoin as well.
Historically, XLM’s price trends have closely mirrored those of XRP. The ongoing surge in XLM’s value follows this pattern, as XRP has seen significant price increases lately.
In the last 24 hours, XRP has surged by more than 15%, possibly due to excitement surrounding the debut of Ripple’s RLUSD stablecoin. Since they share a common history and similar blockchain goals, market feelings often impact Stellar as well, especially when Ripple and the XRP Ledger ecosystem grow.
A possible reason for XLM’s increase might be the shifting of funds within the cryptocurrency market. With Bitcoin slightly pulling back from its current peak of $107,859, investors seem to be seeking alternative investment opportunities in potential altcoins. It appears that Stellar has benefited from this momentum.
Stellar XLM price action
As a cryptocurrency investor, I’ve noticed an exciting development with XLM today. After a series of ups and downs, keeping it between $0.402 and $0.453 for several days, XLM unexpectedly surged during the trading session, peaking at $0.471.
Currently, XLM is experiencing a significant increase of around 12% over the past 24 hours, bringing its value to approximately $0.45. The trading volume for this period has also increased substantially by 197%, reaching a staggering $1.37 billion, as per data from CoinMarketCap.
Since reaching its annual peak of $0.638 on November 24th, Stellar (XLM) has generally remained within a wide price range. However, it’s important to note that in November, Stellar experienced an upward price trend, reaching heights not seen since May 2021.
On December 2nd, bulls’ efforts to regain momentum met resistance near $0.605, causing Stellar (XLM) to pull back and settle within its lower price range. The floor beneath this cryptocurrency is currently at approximately $0.3544.
As we move forward, it’s possible that XLM price could see a rise above $0.60 and then potentially $0.64, which might trigger a new upward trend. Conversely, if there are drops in price, anticipate support around $0.354 before the daily MA 50 at $0.312 comes into play.
Recently, there’s been a rise in reports about fraudsters and drainers targeting cryptocurrency users. Stellar is advising the crypto community to be cautious, emphasizing that they should never click on links from unverified sources. If they come across any suspicious activities, they are encouraged to report them immediately.
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2024-12-17 18:33