A recent court ruling ruled that Ripple Labs’ automated, open-market XRP sales do not constitute a sale of securities. This decision led to a renewed interest in XRP, causing its price to rise and the market controversy to rise. But now the value of XRP has depreciated by 6 percent. Stellar (XLM), which correlates with XRP, also fell. So, what’s next for these coins?
Santiment: A second wave of growth could be triggered for XRP
According to Santiment Insights, XRP’s social dominance, a measure of discussion volume compared to the other top 100 market cap assets, reached its highest level since January 2021 at 7.4 percent. Brian Quinlivan, Santiment’s director of marketing, suggests that this increased interest could potentially trigger a second wave of growth for XRP. In addition, the activity of whales and sharks in the XRP network further strengthens the bullish outlook for the coin. Large transactions worth $100,000 or more hit a record high in 2023, signaling significant investor participation. This trend indicates that the continued price increase could be the start of a longer-term bullish move.
But Quinlivan advises caution and not overreacting to an affirmative court decision. It warns that past events, such as the initial overreaction to the U.S. Securities and Exchange Commission case, should serve as a reminder that market sentiment can sometimes lead to exaggerated price movements. While XRP is experiencing positive market dynamics, Stellar (XLM) tells a different story. Following the positive decision for Ripple, price increases were seen in many cryptocurrencies. However, XLM took a dip as its price dropped 11.63% in the last 24 hours. At the time of this writing, XLM is trading at $0.1342 and is closer to its daily low than its 24-hour high.
What does XLM analysis point to?
XLM’s trading volume has dropped significantly in the past day, dropping over 64 percent. Despite the recent price drop, the altcoin is still performing a positive week, with a 38.16% gain. Examining the 4-hour chart of XLM, we see that the cryptocurrency has dropped below an important support level at $0.1411. However, XLM could break above the $0.1411 level in the next 4-8 hours, paving the way for a potential rally to $0.1551 in the next 24 hours.
In summary, XRP is riding on a wave of positive sentiment following the court ruling, with the potential for further gains fueled by heightened market controversy and notable whale activity. However, Stellar (XLM) faces a different trajectory with its price drop and declining trading volume. The upcoming candlestick patterns for both cryptocurrencies will provide further insight into their respective short-term price movements. Traders and investors should be careful and closely monitor the evolving market dynamics of these assets.
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