New crypto opportunity at $0.29 for investors who missed XRP price rally 
Cryptocurrency Nov 22, 2024 Share
XRP’s meteoric rise to $1.46, gaining 31% in a single day and 77.16% over the past week, has reignited excitement across the cryptocurrency space.
This rally, driven by SEC Chairman Gary Gensler’s announcement of his resignation in January, has pushed XRP’s market cap to a staggering $82.9 billion. Optimism surrounding Ripple’s legal battle and the broader regulatory landscape has left investors eager to identify the next big opportunity in the market.
For those who feel they may have missed the XRP surge, Stellar (XLM) could emerge as a compelling alternative. Currently trading at $0.2997, Stellar has seen a 26.30% increase today and a remarkable 122.74% rise over the past week, with its market cap now standing at $8.9 billion.
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XLM 1-week price chart. Source: Finbold
Sharing historical and functional similarities with XRP, Stellar is well-positioned to benefit from the same positive sentiment driving XRP’s explosive rally.
Stellar, co-founded by Jed McCaleb, shares XRP’s mission of enabling fast, low-cost cross-border transactions. As XRP gained momentum on the back of optimism surrounding regulatory clarity, XLM quickly followed suit.
XLM’s strong fundamentals
The token’s technical indicators point to strong upward potential. Stellar is trading well above its 200-day simple moving average, with 20 green days in the past 30, reflecting a 67% success rate in recent trading sessions. Additionally, trading volume has surged by 51.50% to $1.64 billion, signaling heightened market activity and improved liquidity.
Over the past year, Stellar has gained 152% in value, outperforming 70% of the top 100 cryptocurrencies. Currently, the token is approaching a critical resistance level at $0.30901. A successful breakout could pave the way for further gains, with analysts projecting a target of $0.4101.
Given Stellar’s significantly smaller market cap compared to XRP, the token requires less capital to double in value, making it a highly attractive option for investors seeking substantial upside.
From a trading perspective, Stellar offers an appealing entry point. Current support is established at $0.23015, providing a potential buy zone for those awaiting a pullback.
Analysts recommend keeping a close eye on Stellar’s next targets, with $0.3475 and $0.4101 identified as key levels. To manage risk, traders are advised to set stop-loss orders below $0.2006.
The technical analysis of Stellar ( $XLM)#XLM The current price is approaching a crucial support level at $0.2186, making it an optimal zone for buying if the bullish momentum continues.
Target Levels:
First Target : $0.2887
Second Target : $0.3475
Main Target : $0.4101… pic.twitter.com/WumAgQlZCX— Rose Premium Signals 🌹 (@VipRoseTr) November 21, 2024
With its previous all-time high of $0.9381 still far from reach, Stellar presents significant room for growth if bullish momentum persists.
Stellar is now drawing interest from retail investors, supported by its strong technical indicators and its narrative of shared growth with XRP. With the market riding a wave of optimism, XLM could be a promising alternative for those who believe they’ve missed out on XRP’s rally.
