coinjournal.net
- Stellar ($XLM) price rose to its highest level since April 2022, hitting highs near $0.20.
- $XLM’s stellar performance followed a staggering 87% jump in less than 3 hours for $XRP.
- $XRP is Ripple’s token, and a judge just declared it was not a security.
Stellar ($XLM) price jumped nearly 70% on Thursday as bulls pushed past long term resistance levels to trade at prices last seen in April 2022.
The catalyst was today’s Ripple news.
Stellar price jumps as $XRP rockets
$XLM price raced to highs near $0.20 to see it mirror broader crypto market upward action following one of the biggest news events in crypto history.
This is after Ripple, the company behind the $XRP coin won against the US Securities and Exchange Commission (SEC). As CoinJournal reported, the court battle has been around a case where the regulator sued the blockchain company over allegations that $XRP was a security.
But on Thursday, Analisa Torres, Judge of the US District Court for the Southern District of New York, handed Ripple the victory in a summary judgement. The judge’s decision effectively declared $XRP not a security.
The market’s reaction to the news was swift, with buyers sending $XRP to near $0.95 – its highest level since December 2021.
Elsewhere, Stellar’s $XLM was the top performer among altcoins as its price raced to near $0.20. Other top gainers were Cardano (ADA), Polygon (MATIC), and Solana (SOL). Bitcoin also traded to a new YTD price as did Ether that hit above $2k.
For the altcoins, the Ripple-fueled sentiment helped decelerate part of the downward pressure that had permeated the market after the SEC declared the tokens securities in lawsuits against Binance and Coinbase.
$XLM price outlook
$XLM is looking to break higher as $XRP eyes $1. The two cryptocurrencies, which have a lot in common in terms of their historical overview and market performance, are seeing the most gains today.
Stellar $XLM price on the weekly chart. Source: TradingView
With $XRP likely to see a fresh burst in the next few days, upside momentum could cascade into $XLM price. On-chain data shows $XRP’s massive price jump after the court’s decision drove a lot of whale activity. This even as the market witnessed a spike in volume.
If $XRP price rallies higher above $1, it likely Stellar’s native token will target $0.24 and above that, $0.40. On the downside, the main support remains at $0.073