- XRP breaks out and is up over 9% on the day, but the 2-week Stochastic RSI signals caution
- XLM breaks out but hits resistance at 0.382 Fibonacci, with potential targets of 0.52 and 0.57 if it continues upwards
- XLM’s all-time high of $0.80 could be within reach as it has confirmed the 0.382 Fibonacci at $0.35
The cryptocurrency market is witnessing a significant surge once again, with Ripple (XRP) and Stellar (XLM) leading the way. Undeterred by Bitcoin’s continuous upward trajectory, both these altcoins are showing impressive performance, raising the question: How far can they actually go?
Ripple (XRP) Experiences a Breakout
Ripple (XRP) is currently on a roller coaster ride to the top. A look at the 4-hour chart reveals that the price has broken out yet again, possibly indicating another local high on the horizon. The uptrend is holding steady and XRP’s value has risen over 9% in a single day.
Cautionary Signals for Ripple (XRP)
Looking at the bigger picture on the 2-week timeframe, the staggering price surge from Ripple can be fully appreciated. However, traders must be cautious. The 2-week Stochastic RSI for XRP has only reached this high once before, back in 2014. This calls for utmost prudence for anyone holding or trading Ripple.
Stellar (XLM) Breaks Out But Faces Resistance
Parallel to Ripple, Stellar (XLM) has also experienced a breakout, as evident in the daily chart. However, the price seems to be encountering resistance at the 0.382 Fibonacci level. Should it overcome this obstacle, further targets include 0.618 at $0.52 and 0.786 at $0.57.
Stellar’s Potential to Reach its All-Time High
On the weekly timeframe, it can be observed that the XLM price has dropped back down to confirm the 0.382 Fibonacci level at $0.35. This correction is a healthy sign and the price may continue to climb from here. The next major targets include the 0.786 level at $0.64 and the all-time high of $0.80.
Conclusion
Ripple and Stellar are demonstrating impressive growth, with recent breakouts indicating strong bullish momentum. While XRP faces resistance at the $3 mark, its consistent uptrend suggests potential for further gains. Stellar, despite encountering resistance at the 0.382 Fibonacci level, shows strong potential for reaching its all-time high, provided it maintains its current trajectory. These developments highlight the dynamic nature of the cryptocurrency market and underscore the importance of continuous monitoring and informed decision-making for investors.
