Ripple ($XRP) and Stellar ($XML) front-run the crypto resurgence
With Bitcoin ($BTC) approaching $100,000, the crypto market is starting to flourish. Ripple ($XRP) and Stellar ($XML) are two cryptocurrencies from previous bull markets that are front-running this resurgence.
$XRP breaks through a 7-year downtrend
Source: TradingView
The weekly chart for $XRP (XRP/USD) looks very promising indeed. The descending trendline, which went all the way back to 2018, has finally been broken, retested, and confirmed above.
The price is currently up against resistance, but if it breaks through this, the higher high of $1.96 would be the next target. The all-time high awaits above this at $3.30.
$XRP still 94% down against $BTC
Source: TradingView
While $XRP is doing very well against its $USD pair, against $BTC (XRP/BTC) it is still down 94% from the high in 2017. The monthly chart shows that long descent. However, a current big candle has moved the price back to the descending trendline. If $XRP can break though this, major resistance awaits at 0.0000155 sats. The Stochastic RSI is showing positive momentum for $XRP.
$XLM spikes 227% in only three weeks
Source: TradingView
The XML/USD pair is also doing very nicely. After three long years of downward and sideways price action, the $XML price has spiked to the upside to the tune of 229% in only the last three weeks. Looking at the Fibonacci levels, it may be that the price could hit the 0.382 Fibonacci at $0.35. Although the Stochastic RSI momentum indicator will soon be reaching the top, signalling a potential end to upside price momentum.
Can $XLM break its long downtrend against $BTC?
Source: TradingView
Just as is the case for $XRP, the (XLM/BTC) pair is in a long term downward trend. Also around 94% is the retracement for $XML against $BTC so far. The recent price spike in favour of $XLM is soon to arrive at the downward trendline. For the trend to be reversed, first the trendline must be broken, and then a higher high at 0.000006 must be attained.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Read more: https://cryptodaily.co.uk/2024/11/ripple-xrp-and-stellar-xml-front-run-the-crypto-resurgence
Text source: Crypto Daily™
