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Ripple’s price has gone parabolic, rising for three consecutive weeks as investors respond positively to Donald Trump’s election and its potential impact on the cryptocurrency market.
Ripple (XRP) token crossed the important resistance at $1 for the first time since 2021. The token has surged by over 220% from its 2022 low, pushing its market capitalization above $64 billion.
The ongoing rally is largely attributed to Trump’s election and the anticipated changes within the Securities and Exchange Commission. Some analysts speculate that the SEC may drop its legal battles against Ripple Labs, which could pave the way for Ripple to secure major partnerships with companies in the money transfer industry and banks.
According to Santiment, the XRP price surge has also been driven by whale and shark accumulation. These large investors purchased $526 million worth of XRP in the past seven days, reportedly buying tokens from retail traders taking profits.
🥳📈 XRP has now broken a 3-year high, reaching $1.2679 on Binance for the first time since November 11, 2021. This rally has come on the backs of key whale & shark wallets that hold between 1M-100M tokens. This group has collectively accumulated 453.3M more tokens (worth… pic.twitter.com/8F0IjXs7A5
— Santiment (@santimentfeed) November 16, 2024
Stellar Lumens price could hit $1
Ripple’s surge has also fueled gains in Stellar Lumens (XLM), which has risen for three consecutive weeks to $0.2554, its highest level since January 2022.
Stellar shares a similar narrative with Ripple, as both aim to dominate the money transfer industry. Stellar’s founder, Gavin Wood, was previously involved with Ripple.
Stellar has partnerships with prominent companies, including Circle and asset manager Franklin Templeton, which oversees over $1.5 trillion in assets.
With XRP now at $1, some analysts predict XLM could follow and reach the same milestone. XLM, trading at $0.24 on Monday, would need to climb 316% to hit that target.
XLM price analysis
On the weekly chart, XLM formed a double-bottom pattern at $0.080 and has broken above the neckline at $0.1974, its highest level since July last year.
The token has also risen above the 50-day moving average and is hovering near the 23.6% Fibonacci Retracement level.
Technical indicators, including the MACD and Relative Strength Index, point to further bullish momentum. Analysts suggest that Stellar’s price could rise to the 50% Fibonacci Retracement level at $0.4335, an 83% increase from its current price. A move above its all-time high of $0.80 would confirm a potential climb to $1.