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The major market sell-off catalyst is at play again as the ongoing global trade concerns appear to be escalating, impacting risk assets like Stellar (XLM). According to data from CoinMarketCap, Stellar's price changed hands for $0.2153, down by 8.55% in the past 24 hours. The rapid decline has further placed doubt on what is next for XLM.
Stellar and key levels to watch
Since the start of the week, Stellar has shown signs of a price breakout. Earlier reports show the coin displayed the first major bearish sign as XLM sell-off pressure mounts.
Arman ShirinyanWith the asset shedding over 8.55%, it has expanded its losses on longer time frames. While the trailing seven-day sell-off is at 19.7%, the 30-day drawdown has extended beyond 20%. Ultimately, XLM's negative trend shows the coin is down by 46% year-to-date, invalidating the temporary breakouts it has recorded thus far.
With the current outlook, XLM bulls will likely stage major support at the $0.21 level. If it plunges below this level, the sell-off might see it touch its 30-day low of $0.2018.
However, should Stellar bounce off the $0.21 support, a more ambitious price rally is expected, with new resistance around $0.25.
XRP gains better sentiment
Unlike Stellar, which has a bearish outlook, XRP has more promising sentiment from the community. In an earlier U.Today report, the coin secured a prediction from XRP holders’ lawyer John Deaton.
Godfrey BenjaminAccording to Deaton, XRP has what it takes to displace Ethereum before the end of the year. While there is a wide disparity between both assets, the legal expert is confident that investors and its dedicated community can adopt the coin and make a difference.
Unlike XLM, it risks falling behind in the rankings to Shiba Inu, a switch that may fuel additional negative turns.
Vladislav Sopov
Dan Burgin