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Stellar ($XLM) is trading higher, up 5% in the previous 24 hours, indicating increased momentum as the broader crypto market braces for a significant move.
Stellar's 5% increase has pushed it ahead of $XRP, which is up 0.59% in the last 24 hours to $2.28. $XLM and $XRP have historically moved in tandem because of their shared beginnings and similar use cases in cross-border payments. However, in the last 24 hours, that correlation appears to have broken — albeit temporarily.
The divergence in performance has caught the attention of market participants, suggesting that investors may be rotating into $XLM in anticipation of an upcoming breakout phase across the altcoin space.
$XRP remains in consolidation above $2.20 despite major recent developments. Mercado Bitcoin is bringing over $200 million in real-world assets on-chain to the $XRP Ledger, including fixed income and equity income instruments.
Ripple has applied for a national banking license from the Office of the Comptroller of the Currency to extend its crypto services under federal supervision. Nonetheless, traders see the potential for a $3 $XRP price if sufficient bullish momentum is triggered.
$XLM price action
At press time, $XLM was up 5% in the last 24 hours to $0.25. $XLM has steadily rebounded from a low of $0.222 on July 1. On July 5, the rally continued, with an intraday high of $0.254 in the early Monday session.
$XLM, like $XRP, remains range-bound, trading below its daily SMA 50 of $0.26. However, a strong break above the daily SMA 50 would cause $XLM to leave its current range, which has been since late May.
If this is accomplished, $XLM may approach the daily SMA 200 at $0.307. The daily RSI is just above the 50-point mark, indicating consolidation ahead. In the case of a dip, support is expected in the $0.20 to $0.216 range.