XLM Price Surges Ahead of XRP Amidst SEC’s Renewed Appeal in Ripple Lawsuit
The cryptocurrency market has witnessed a significant surge in the value of Stellar’s XLM token, as investors are eagerly betting on its potential amidst the recent market recovery following the sell-off on August 17th.
SEC’s Reinvigorated Appeal Casts Shadow on XRP Future
The recent filing by the U.S. Securities and Exchange Commission (SEC) seeking an interlocutory appeal in the ongoing SEC vs. Ripple lawsuit has sparked concerns within the crypto community regarding the future of XRP. This development has fueled investors’ interest in XLM, as they anticipate the potential impact on XRP’s market trajectory.
On July 13th, the SEC vs. Ripple lawsuit reached a partial resolution, resulting in a partial victory for Ripple. Subsequently, the XRP price experienced a remarkable surge, rallying by 100%. However, the SEC’s latest move has cast a shadow of doubt over XRP’s bullish prospects, leading investors to explore alternative options like XLM.
Stellar’s XLM Token Shines Amidst Market Turmoil
In contrast to XRP’s recent struggles, XLM has exhibited resilience and growth potential. Following a 107% surge on July 13th, XLM’s price has experienced a subsequent decline of 46% before finding support around $0.120.
Despite the August 17th sell-off, XLM has managed to recover nearly 17% since hitting its lowest point, outperforming XRP in the recovery phase. This positive price action has positioned XLM as a promising contender in the ongoing market recovery.
XLM Poised for Further Growth
Analysts suggest that XLM’s price could extend its rally by another 100% if Bitcoin (BTC) continues its upward trajectory. If XLM successfully reclaims the $0.127 level, it could trigger a potential 37% surge towards $0.166.
Technical indicators such as the Relative Strength Index (RSI) and the Wave Trend indicator hint at a potential bullish reversal. The RSI is showing signs of recovery from the oversold zone, while the Wave Trend indicator is signaling a potential bullish crossover. This combination of bullish technical factors supports the possibility of a sustained rally for XLM.
Furthermore, if the SEC’s appeal is successful, it could pave the way for XLM to gain an advantage over XRP in the regulatory landscape.
XLM vs. XRP: A Tale of Two Cryptocurrencies
A comparison of XLM and XRP révèle that XLM’s recovery has outpaced XRP’s. While XLM has already regained its pre-crash levels, XRP continues to struggle beneath its pre-crash support levels.
Volume data from the analytics platform Chain of Demand indicates that XLM’s volume has surged to $734,000 as of August 19th, while XRP’s volume remains at a lower level of $597,000. This increased volume adds credence to XLM’s bullish potential.
Conclusion
In the aftermath of the recent market downturn, Stellar’s XLM token has emerged as a strong contender, outperforming its rivals and attracting investor interest. The SEC’s renewed appeal in the Ripple lawsuit has created uncertainty for XRP, while XLM’s resilience and bullish technical indicators suggest it could continue to rally.
However, it is important to acknowledge that all investments carry risks, and investors should exercise caution and conduct thorough research before making any investment decisions.
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