The dust is finally setting over the Ripple SEC case after a Judge reduced the final penalty, and in its wake, the prices of XRP and Stellar (XLM) have exploded.
This article explores the latest XRP and XLM price trends and also uncovers a surprising pick for the most hyped coin launch of August 2024.
The surprise win by Ripple over its retail trading and the status of XRP as security has bolstered market confidence; fuelling upside moves across the chart despite the $125M fine that was greenlit over institutional sales.
XRP Price Analysis: How’s Ripple Shaping Up Now The SEC Battle is Finally Over
As XRP pushes back up into bullish form, Ripple is now trading at a current market price of $0.61 (representing a 24-hour change of +2.65%).
This comes after a mesmerizing +28% gain ripped through the chart over the past 24 hours, as XRP price skyrocketed amid the sensational news.
And while the mythical $1 XRP remains ever elusive, the upside price action has redeemed the crippled Ripple price structure as the pump sent the price back above critical support levels at $0.51 and $0.57.
Better yet? The upside move has also seen Ripple, buoyed by the finalization of the SEC case, push back above strong support from a now ascendant 20DMA (currently at $0.549), adding to the bull case for XRP.
However, price now seems set to consolidate above $0.60 following overheating on the RSI indicator, which is now reading at 69.8. Slowing momentum feeds bearish sentiment beneath resistance at $0.65.
Stellar (XLM) Pumps In Suit After XRP Flips Bullish
Alongside the impressive bounce-back in XRP price, Stellar Lumens (XLM) has also shown strength in the market, with Stellar currently trading at a market price of $0.101 (representing a 24-hour change of -0.2%).
This comes after a +32% bounce, triggered on Tuesday’s crypto market revival, saw XLM fire off lower-trendline floor support at $0.075 to reclaim higher support above the 20DMA.
Reclamation of the 20DMA represents a key strengthening of Stellar’s technical structure, with the moving average currently providing a layer of support at $0.09 as XLM targets upside resistance at $0.117.
However, there could be a need for consolidation here, as the sudden move has significantly heated up the RSI momentum indicator – with this key oscillator now sounding the alarm for minor bearish divergence at 54.6.
Nevertheless, this still leaves Stellar with upside capacity in the chart which could see it shift to higher support above the local resistance level.
Forget XRP and XLM: Pepe Unchained Is The Real 100X HODL In 2024
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