Stellar (XLM) is trading higher, up 5% in the previous 24 hours, indicating increased momentum as the broader crypto market braces for a significant move.
Stellar’s 5% increase has pushed it ahead of XRP, which is up 0.59% in the last 24 hours to $2.28. XLM and XRP have historically moved in tandem because of their shared beginnings and similar use cases in cross-border payments. However, in the last 24 hours, that correlation appears to have broken — albeit temporarily.
The divergence in performance has caught the attention of market participants, suggesting that investors may be rotating into XLM in anticipation of an upcoming breakout phase across the altcoin space.
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XRP remains in consolidation above $2.20 despite major recent developments. Mercado Bitcoin is bringing over $200 million in real-world assets on-chain to the XRP Ledger, including fixed income and equity income instruments.
Ripple has applied for a national banking license from the Office of the Comptroller of the Currency to extend its crypto services under federal supervision. Nonetheless, traders see the potential for a $3 XRP price if sufficient bullish momentum is triggered.
XLM price action
At press time, XLM was up 5% in the last 24 hours to $0.25. XLM has steadily rebounded from a low of $0.222 on July 1. On July 5, the rally continued, with an intraday high of $0.254 in the early Monday session.
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XLM, like XRP, remains range-bound, trading below its daily SMA 50 of $0.26. However, a strong break above the daily SMA 50 would cause XLM to leave its current range, which has been since late May.
If this is accomplished, XLM may approach the daily SMA 200 at $0.307. The daily RSI is just above the 50-point mark, indicating consolidation ahead. In the case of a dip, support is expected in the $0.20 to $0.216 range.