Stellar Lumens (XLM), the cryptocurrency powering the cross-border payments-focused Stellar Network, saw a massive surge on Thursday, buoyed by news that a US judge had found XRP did not meet the conditions to qualify. as value.
The ruling sent XRP more than 70% on the day to more than a year highs, while XLM rallied more than 60%.
Stellar Network was launched by Ripple co-founder Jeb McCaleb in 2014, which could go some way to explaining its strong correlation with XRP (which was issued by Ripple in 2012).
Others said that XLM’s strong rally was also a result of the return of animal spirits to the altcoin space.
Either way, XLM last traded just above $14 per token, nearly 30% below Thursday’s highs near the $0.20 level, but still close to 50% above its levels. previous government to XRP below $0.10.
Price Prediction: What’s Next for Stellar (XLM)?
The XLM rally on Thursday saw the cryptocurrency break out north of two key resistance zones.
First, XLM was able to break out of a downtrend from early 2022, and second, XLM was able to break sharply above the 2023 double top at $0.114.
While profit taking weighs on the price on Friday, the bulls are likely to remain in control, and XRP is likely to continue to perform well in the coming weeks and months.
XLM bulls will aim for a test of support-turned-resistance in the $0.25 area.
Can Stellar (XLM) outperform XRP?
XLM’s market cap of just under $4.0 billion is currently less than 10% of XRP’s market cap of over $40 billion.
So Stellar Lumens has a long way to go to catch up with XRP.
That being said, the growth of the Stellar Network is impressive.
Data presented by Stellar Network explorer star expert shows that the operations processed have increased exponentially in recent years.
Data submitted by The blockMeanwhile, it shows that network activity on the XRP Ledger stagnated over the same time period.
But that deadlock could be due to uncertainty over the SEC’s lawsuit against Ripple.
The XRP Ledger may now be going from strength to strength, which means that it could be difficult for the Stellar Network to catch up.
Regardless, XLM will probably continue to perform well.
Alternatives to Meme Coin to Consider
XLM is a good bet right now for high risk tolerance degens who want to lock in short term gains.
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The Cryptonews.com team spends a lot of time analyzing meme coin projects looking for the best risk-reward opportunities.
Here’s a project they think has a lot of potential.
Wall Street Memes (WSM)
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