XLM gained 15 percent against XRP!
Stellar (XLM) The price gained 15 percent against its arch-rival XRP (XRP), two days after the XLM/XRP pair slumped to a record low of 0.181.
Especially, XLM/XRP The pair surged to a daily high of 0.20 XRP on March 31, which has risen to the US dollar market. Stellar It coincided with the divergence between XRP and XRP. Moreover, XLM Its price has risen by over 11% since March 29, versus XRP’s 3% decline.
XLM gained 10 percent against XRP in April
When analyzed over a wider period of time, XLMIt can be said that the coin has lost 89 percent compared to its peak of 1,655 XRP in January 2021. Interestingly, the peak came a month after the US Securities and Exchange Commission (SEC) sued Ripple for allegedly having XRP tokens as securities.
Meanwhile XLMcontinues to sustain its long-term downtrend against XRP. But next April, XLM is expected to rebound.
On the daily chart, XLM/XRP’s continued bullish abutted the trendline in a falling channel as illustrated in the chart below.
It can be said that the XLM/XRP parity aims to increase to 0.22 XRP with a 10 percent increase from its current price in April, using the 0.198-0.207 XRP resistance range as support.
XLM also rises against the US dollar
Stellar The price gained more than 25 percent in March, rising to the highest level of the last four months at $0.113. XLM is currently considered to be on the alert for a recovery rally to new year highs after a potential short-term price correction in the first week of April.
It can be said that the basis of this upward trend is a classical technical formation called cup and handle.
XLM, especially since November 2022, draws a cup-handle pattern on the chart. It can be said that the XLM/USD pair entered the breakout phase of the pattern during the price surge in March and is currently only 20 percent away from reaching the breakout target of around $0.131.
However, XLM’s daily relative strength index (RSI) has entered the overbought territory above 70, indicating that it could enter a period of consolidation or correction in the first week of April. Even so, XLM It is worth noting that the price is at risk of correcting towards the neckline around $0.095, down 12 percent from current price levels.
This news does not contain investment advice or recommendations. Every investment and trading move involves risk and readers should do their own research when making a decision.
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Stellar (XLM) has gained 15% against its rival XRP (XRP), following the slump of the XLM/XRP pair to a record low of 0.181. XLM’s price has risen by over 11% since March 29, while XRP’s price has declined by 3%. On a wider time frame, however, XLM has lost 89% compared to its peak in January 2021. But, XLM is expected to rebound in April, with a 10% increase from its current price, aiming to increase to 0.22 XRP. Additionally, XLM has gained more than 25% in March against the US dollar, reaching the highest level in the last four months at $0.113. XLM is currently considered to be on the alert for a recovery rally to new year highs after a potential short-term price correction in the first week of April.
