Crypto analyst EGRAG, known for his controversial comments, believes that Stellar (which continues to reflect XRP price movements since 2018 and has significant upside potential).XLM) talked about.
In its latest analysis, EGRAG criticized investors who were bearish on XLM. The analyst urged these investors to rethink their sentiment towards Stellar, pointing to solid potential.
While the analyst’s chart only provides data on XLM’s price movements, historical data confirms this correlation.
Correlation Between XRP and XLM Remarkable
Notably, XLM rose to an all-time high of $0.9309 in January 2018. This occurred in the same month that XRP rose to its all-time high of $3.31. Like XRP, XLM also fell from its all-time high, reaching a low of $0.0261 in March 2020. XRP also dropped to $0.1013 that month.
When XRP made a comeback in November 2020, gaining 177% in value, XLM also rallied, gaining 160% in value. XRP fell by 66% in December 2020. In response, the altcoin lost 37% of its value.
Koinfinans.com It is very important to remember that, as we reported, XRP recorded one of its biggest rises in April 2021 and jumped to $ 1.9669 with an increase of 180% that month. And yes, XLM followed suit, rising as high as $0.7978 before facing pullbacks.
Underlining this strong correlation, EGRAG emphasized that when the “big brother” XRP rallies, XLM follows it. The data on EGRAG’s chart reveals a number of channels that XLM has been following along with XRP since January 2018. Based on the bullish outlook for XRP, the analyst believes that XLM deserves a similar bullish perspective.
Notably, the first channel extended from January 2018 to May 2020, indicating a downtrend. The second channel extended from April 2020 to May 2021, revealing an uptrend. The fourth channel was another downtrend that lasted from June 2021 to December 2022.
EGRAG’s chart shows that XLM has entered the next channel, which is expected to be another uptrend. Currently trading at $0.1072, XLM is up over 82% from its value in December. Despite this, the chart predicts further upside for the asset, especially up to the $1 price range.