Stellar (XLM) has risen 12% in the last 24 hours, attracting the attention of the cryptocurrency market. This astonishing rise coincides with significant price movements in other major cryptocurrencies such as XRP and Bitcoin.
XLM has historically shown strong price correlation with XRP, and the current rally is no different. This trend continues as XRP has made great strides recently.
XRP has gained more than 15% in the last 24 hours, most likely due to the enthusiasm surrounding the launch of Ripple’s stablecoin RLUSD. Given their shared history and similar focus on blockchain, market sentiment often carries over to Stellar as Ripple and the XRP Ledger ecosystem expand.
Another factor contributing to the growth of XLM may be the redistribution of funds in the cryptocurrency market. Bitcoin has pulled back slightly from its current all-time high of $107,859, prompting investors to look for opportunities in potential altcoins. Stellar appears to have captured some of this momentum.
Stellar XLM Price Action
After several days of fluctuating between $0.402 and $0.453, XLM suddenly rose during today’s trading session, reaching a high of $0.471.
At the time of writing, XLM is up almost 12% in the last 24 hours to $0.45. 24-hour trading volume also rose 197% to $1.37 billion, according to CoinMarketCap.
XLM has mostly held in a wide range since hitting a yearly high of $0.638 on November 24. Stellar prices surged in November, culminating in highs not seen since May 2021.
The bulls’ attempt to resume the December 2 rally stalled at $0.605, prompting XLM to retreat lower to range support at $0.3544.
Looking ahead, a jump above $0.60 and then $0.64 could kickstart a new uptrend in XLM price. On the downside, on the downside, support is expected at $0.354 ahead of the daily MA 50 at $0.312.
In separate news, Stellar issued a warning to the crypto community, noting an increase in reports of scammers and wallet thefts in recent weeks. Cryptocurrency owners are warned to never click on links from unknown sources and to report any suspected scammers.
