Stellar (XLM) Looks Higher as Crypto Markets Turn Green
While many cryptocurrencies, especially Bitcoin, turned green today, some altcoins took flight. Stellar (XLM) seems eager to move higher and XLM is accelerating its rise further as crypto markets rise.
XLM gained the most today, up 13.87%.
In the SEC-Ripple case, the judge ruled that XRP is not a security and the SEC is preparing to appeal it. Stellar (XLM) is a direct competitor to XRP and both are competing for the same market share, so XLM is directly affected by developments in the SEC-Ripple case. It's hard to know the outcome of the case, but I believe Ripple will win, so I've been following XRP and XLM closely.
The Stellar network leads total off-ramp locations by asset, according to Stellar report. The report clearly shows that XLM is one of the most accessible native cryptocurrencies today. Click to see the report.
Cash-to-crypto on-and-off-ramps serve as an important access point to the digital asset economy. The Stellar Development Foundation commissioned The Block to evaluate this overlooked method of fiat-to-crypto on-and-off-ramping. The report details new findings highlighting the global reach of the Stellar network's cash on-and-off-ramps. Download the report to learn more Source.
XLM/USDT 4-Hour Chart
XLM is currently trading at $0.161. Today, Bitcoin is up 1% while XLM is up 13.87%. This clearly demonstrates XLM's desire to move higher.
As long as the Ripple-SEC case continues to move in the positive direction and the markets remain in the green, I think XLM could move higher. But on the other hand, the negative course of the Ripple-SEC case or the sharp drops in the markets may push XLM price down.
If XLM can stay above $0.161 and continue the uptrend, it could test the main $0.17 resistance in the coming sessions and if it can break it, it could move higher. If it fails to stay above $0.161 and declines, it has strong price support at $0.154 and if it breaks, XLM could drop as low as $0.15.
Frankly, I'm very optimistic for XLM in the long run so I'm following it closely. I think it will be one of the altcoins that will gain the most value, especially in the bull market. We'll wait and see.
What are your predictions and thoughts about XLM?
This is not investment advice, it is difficult or even impossible to know which direction prices will move in the short term. I am only stating my guess based on current data. You should do your own research before investing.
Posted Using LeoFinance Alpha
Hmm XLM seems like a very good opportunity, 13% is quite high, i think XLM is a great oppoortunity if i missed the XRP opportuinity
I think they will both follow each other so I hodl both.