Stellar (XLM) Jumps 10% as XRP Leads Crypto Market Gains

Stellar ($XLM) has risen over 10% in the last 24 hours, closely mirroring the upward movement of $XRP. This rise comes amid optimism that more cryptocurrencies will soon join Bitcoin (BTC) and Ethereum (ETH) in acquiring their spot exchange-traded funds (ETFs), as the SEC reveals new updates on crypto ETF filings.

The U.S. Securities and Exchange Commission has acknowledged filings from crypto asset manager Grayscale to list spot $XRP and Dogecoin exchange-traded funds (ETFs).

The SEC’s Feb. 13 acknowledgments of Grayscale’s Form 19b-4 filings for the Grayscale $XRP Trust and the Grayscale Dogecoin Trust might imply that the clock will soon start ticking for the regulator to review and decide on the applications within a 240-day time frame.

The 240-day countdown will begin when Grayscale's filings are submitted to the SEC's federal register, which is expected to happen in the next few days. If filed today, the SEC's decision deadline would be in mid-October.

$XRP surged more than 13% in response to the news. This positive sentiment surrounding $XRP spilled over to Stellar ($XLM), which increased by more than 10% in the last 24 hours.

Historically, $XLM has mirrored $XRP's price action, so the recent surge in the $XLM price remains one of many instances wherein the $XLM price has appreciated in response to the $XRP price surge.

$XLM price action

At the time of writing, $XLM was up 10% in the last 24 hours to $0.35, on track for the fourth consecutive day of gains since Feb. 11. Today's surge culminated in highs of $0.362, with eyes on $XLM's price to see where it trends next.

The $XLM price is still consolidating within its daily moving averages of 50 and 200, which are $0.397 and $0.237, respectively.

A move above or below could determine Stellar's next move, determining whether the rebound continues or encounters resistance. A move above the daily SMA 50 could reinforce bullish sentiment, possibly targeting $0.51 to $0.63, while a dip below the daily SMA 200 may indicate a possible pullback.

With momentum building, all eyes are on whether $XLM can sustain its gains or if profit-taking will lead to a temporary cooldown.