Stellar (XLM) Price Surges: Potential Breakout Ahead?

Stellar (XLM) has witnessed a significant price surge of 12% in the last session, capturing the attention of cryptocurrency investors and

Written by: Arslan Butt • Wednesday, December 18, 2024 • 1 min read

• Last updated: Wednesday, December 18, 2024

Stellar (XLM) Price Surges: Potential Breakout Ahead?

Stellar (XLM) has witnessed a significant price surge of 12% in the last session, capturing the attention of cryptocurrency investors and analysts worldwide.

Why is Stellar (XLM) Price Rising?

Three main reasons help to explain the sudden uptrend in XLM/USD:

RLUSD Stablecoin Launch by Ripple

The disclosure of Ripple’s new RLUSD stablecoin has generated a lot of market buzz. Stellar, which has historical ties to Ripple through creator Jed McCaleb, has profited from the spillover impact as XRP shows a 15% gain.

Bitcoin’s Rally

Driven by institutional investments like MicroStrategy’s recent 15,350 BTC buy, Bitcoin’s rise above $107,000 has inspired more general crypto market hope. This movement has raised altcoins, notably Stellar.

Stellar’s Strong Network Fundamentals

Stellar’s blockchain has demonstrated strong expansion; active addresses today count more than 9 million. This mounting network activity points to rising user confidence and acceptance.

XLM/USD Technical Analysis

XLM/USD

Trading volume surged 197% to $1.37 billion; current price is at $0.45; 24-hour high is $0.471.

Key Technical Indicators

The 4-hour MACD indicator displays a bullish signal, with the MACD line crossing above the signal line. This suggests potential short-term upward momentum.
Key resistance at $0.60 and $0.64
Support level at $0.354

XLM Price Predictions

Short-Term Outlook: Potential resistance at $0.51 and $0.64
CoinCodex Prediction: Potential January spike to $0.69 (56% increase)
Bold Forecast: Some analysts, such as Javon Marks, point to an 11x gain suggesting a possible climb to $6-$9.