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Cryptocurrency analyst and trader Ali Martinez has published fresh tech analysis on his @ali_charts X handle, stating that XRP’s rival Stellar (XLM) coin is staging a bullish movement, preparing for a breakout.
Martinez shared that XLM is forming a bullish flag “with a potential breakout targeting $1.80.”
This pattern is formed when an asset’s price begins to consolidate (or move slightly downward) after a sharp rise before targeting a further rise. During that consolidation period, the market takes a breather and traders start withdrawing their profits. Martinez expects XLM to start breaking out soon.
Some in the comment thread pointed out that XLM is tied to XRP when it comes to market movements. On Friday, following XRP’s 10% rise triggered by the SEC acknowledging the XRP ETF and DOGE ETF filings submitted by Grayscale recently, XLM demonstrated an increase of more than 8%, reaching a daily high of $0.366. By now, XLM has descended to $0.358.
Yuri MolchanStellar (XLM) was founded in 2014 by Ripple co-founder and its former CTO Jed McCaleb, who also created the platform that later became famous as Mt. Gox. McCaleb chose to leave Ripple over certain disagreements with the company’s management back then regarding the path it should take in the future. While Ripple and XRP are focused on transnational payments for banks and financial institutions, Stellar targets the same direction for retail unbanked users.
For his contribution as Ripple’s co-founder and CTO, McCaleb received 4.7 billion XRP, which he gradually sold between 2014 and 2022 in small amounts to avoid crashing the XRP price.
Vladislav Sopov
Dan Burgin