Stellar Price Prediction As XLM Rise 55% Amid XRP-friendly News: Can XLM Outperform XRP?
Stellar XLM price it has skyrocketed 55% in the last 24 hours following the summary judgment that declared XRP not a security.
The coin’s trading volume also shot up 3000% today, sitting at $14 billion, while the market capitalization also increased 55% reaching $4 billion at 7:21 EST.
With the current price, XLM has won 56% in 7 days, 30% in 14 days, 82% in 30 days and 46% in 1 year.
This gain indicates that although the US SEC mentioned XLM in its lawsuit against Binance and Coinbase, the asset has been more bullish than bearish over the past 30 days.
XLM Price Prediction Amid Favorable News For XRP
XLM is facing price volatility today. However, you still keep most of your winnings. It trades above its 50 and 200 day terms. Simple Moving Averages (SMA)expressing a bullish sentiment in the short and long term.
XLM formed a long green candlestick on yesterday’s chart, a Bullish Engulfing Pattern which represents a massive increase in buyer pressure.
Also your Relative Strength Index (RSI) it is 79.43 in the overbought region above 70. This bullish sign shows a massive increase in long (buy) positions today. The RSI is moving lower and could pull back below the overbought region to consolidate its gains.
XLM found critical support at the price level of $0.095819. This support acted as a pivot point, turning the resistance at $0.0112198 into support and sending the asset to the resistance level of $0.155569.
A break above this level will see XLM price post massive gains as it rallies. However, the bears at the $0.155569 level intend to cap their price gains today.
What is pushing XLM higher?
The SEC vs. The Ripple case has been ongoing for three years following the regulator’s accusation that Vibe sold XRP as an unregistered security to investors.
But on July 13, Judge Analisa Torres ruled that XRP is not a security. As such, cryptocurrency enthusiasts are suggesting that XLM, which was named as a security in SEC lawsuits against Binance and Coinbase, is now free.
in a Twitter post On July 13, Gemini Exchange co-founder Cameron Winklevoss weighed in on the positive news.
Other Twitter post Reiterating the effect of Ripple’s victory against the SEC on the general crypto market came from Coinbase.
The exchange clearly indicated that the victory for Ripple, XRP and their executives is also a victory for the industry and other key players.
XLM is not the only asset with high growth potential
For now, the altcoins categorized as securities in the SEC lawsuits are making high profits today. But there are other assets with high short-term growth potential to consider.
The coin that fits the description is Wall Street Memes (WSM), which grew out of the meme stock movement made famous by the GameStop and AMC rallies of 2021.