{"id":126301,"date":"2023-07-23T16:18:58","date_gmt":"2023-07-23T16:18:58","guid":{"rendered":"https:\/\/dripp.zone\/news\/ripple-effect-stellar-xlm-is-catching-up-to-xrp-price-gains-crypto-news\/"},"modified":"2023-07-23T16:19:00","modified_gmt":"2023-07-23T16:19:00","slug":"ripple-effect-stellar-xlm-is-catching-up-to-xrp-price-gains-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ripple-effect-stellar-xlm-is-catching-up-to-xrp-price-gains-crypto-news\/","title":{"rendered":"Ripple effect?  Stellar (XLM) is catching up to XRP price gains\n &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div data-v-2649fa34=\"\">\n<p>Stellar (<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/stellar-price-index\">XLM<\/a>is basking in the glow of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/ripple-wins-case-against-sec-as-judge-rules-xrp-is-not-a-security\">Ripple&#8217;s partial win<\/a> against the US Securities and Exchange Commission (SEC), up around 60% since the court ruling on July 13.<\/p>\n<h2>XRP fuels XLM price rally again<\/h2>\n<p>XLM price has risen over 60% since July 13, when a federal judge ruled that the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/sec-appeal-won-t-be-setback-for-xrp-holders-pro-xrp-lawyer\">XRP sales<\/a> on public exchanges did not break US securities laws.  Still, the coin is down about 20% from its local peak of $0.195 and was changing hands for about $0.154 on July 23.<\/p>\n<figure><figcaption style=\"text-align: center;\"><em>XLM\/USD daily price chart.  Source: TradingView<\/em><\/figcaption><\/figure>\n<p>The period of XLM&#8217;s price rise has appeared alongside the token&#8217;s growing <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/stellar-s-xlm-bounces-15-two-days-after-hitting-record-low-versus-xrp\">positive correlation with XRP<\/a> on the daily time frame.  As of July 23, the correlation coefficient between the two assets was 0.95, suggesting they are moving in a near-perfect tandem.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-07\/9b23dbb0-8ed1-4605-8438-138e1dfccc8a.png\"\/><figcaption style=\"text-align: center;\"><em>XRP\/USD and XLM\/USD daily correlation coefficient.  Source: TradingView<\/em><\/figcaption><\/figure>\n<p>The price trends in XLM and XRP markets typically mirror each other, given Stellar is a breakaway blockchain payment project founded by <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/top-people-in-crypto-and-blockchain-2021\/jed-mccaleb\">Ripple&#8217;s co-founder Jed McCaleb<\/a>,  For instance, XRP&#8217;s price has also surged around 60% since the Ripple win.<\/p>\n<p>But <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/xrp-price-fall-40-september-fractal-analysis\">XRP price<\/a> Risks dropping approximately 40% by September, which will likely put XLM under similar bearish stress.<\/p>\n<h2>XLM most overbought since April 2021<\/h2>\n<p>From a technical perspective, the latest XLM price rally has pushed the market&#8217;s weekly <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/here-s-3-ways-the-relative-strength-index-rsi-can-be-used-as-a-sell-signal\">relative strength index (RSI)<\/a> to its most overbought levels since April 2021.<\/p>\n<p><strong><em>Related: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/xrp-price-searches-for-a-fresh-bullish-catalyst-to-trigger-a-move-above-1\">XRP price searches for a fresh bullish catalyst to trigger a move above $1<\/a><\/em><\/strong><\/p>\n<p>As of July 23, XLM&#8217;s weekly RSI was around 72.5.  Additionally, the token trades near a strong resistance confluence comprising of its 200-week exponential moving average (200-week EMA; the blue wave) and a horizontal line (purple) near $0.164.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-07\/910606a6-7d2f-4344-b817-306de60d8446.png\"\/><figcaption style=\"text-align: center;\"><em>XLM\/USD weekly price chart.  Source: TradingView<\/em><\/figcaption><\/figure>\n<p>The indicators raise XLM&#8217;s prospects of undergoing a sharp price correction in the coming weeks. <\/p>\n<p>In this bearish scenario, XLM price could decline towards its 50-week EMA (the red wave) near $0.111 by September, down 30% from current price levels.<\/p>\n<p>This level also coincides with XLM&#8217;s support during the May-November 2022 session.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-07\/ceddbc52-026f-458c-ae0c-7097ab235ae7.png\"\/><figcaption style=\"text-align: center;\"><em>XLM\/USD weekly price chart.  Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Conversely, a decisive close above the resistance confluence could have XLM\/USD rally towards $0.22 by September, up 45% from current price levels.  This level served as support and resistance in June 2021-April 2022.<\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations.  Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"\/><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Stellar (XLMis basking in the glow of Ripple&#8217;s partial win against the US Securities and Exchange Commission (SEC), up around 60% since the court ruling on July 13. XRP fuels XLM price rally again XLM price has risen over 60% since July 13, when a federal judge ruled that the XRP sales on public exchanges [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":126302,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-126301","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/126301","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=126301"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/126301\/revisions"}],"predecessor-version":[{"id":126303,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/126301\/revisions\/126303"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/126302"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=126301"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=126301"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=126301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}