Stellar’s XLM surges 70% post-Ripple legal win, XRP eyes $1 with whale activity, boosting altcoins; XLM outlook optimistic at $0.24 and $0.40 amid Ripple’s ongoing influence on the crypto market.
Stellar’s native token, XLM, experienced an astounding surge of nearly 70% on Thursday, surpassing long-term resistance levels and reaching prices last witnessed in April 2022. This remarkable upswing was largely attributed to the groundbreaking news surrounding Ripple, as the victory of the XRP coin in a legal battle propelled the broader crypto market into an upward trajectory.
Ripple Wins Legal Battle As Court Declares XRP Not A Security
The court case between Ripple and the United States Securities and Exchange Commission (SEC) has been closely monitored by cryptocurrency enthusiasts due to its potential implications for the digital asset industry.
The SEC had filed a lawsuit against Ripple, alleging that XRP should be classified as a security. However, in a significant turn of events, Judge Analisa Torres of the US District Court for the Southern District of New York ruled in favor of Ripple, granting them a summary judgment and effectively declaring XRP not a security.
The market’s response to this favorable outcome was immediate, as buyers quickly propelled XRP to reach a price of nearly $0.95. This marked the highest level for XRP since December 2021. Riding the wave of positive sentiment, Stellar’s XLM emerged as the top-performing altcoin, with its price surging to approximately $0.15.
Other notable gainers included Cardano (ADA), Polygon (MATIC), and Solana (SOL). Furthermore, both Bitcoin and Ether achieved new year-to-date highs, with Ether surpassing $1995.
Ripple Victory Eases Downward Pressure On Altcoins, Including XLM
The impact of the Ripple victory on altcoins, including XLM, was particularly notable. It helped alleviate some of the downward pressure that had plagued the market following the SEC’s classification of certain tokens as securities, leading to lawsuits against prominent exchanges like Binance and Coinbase.
Looking ahead, the future appears promising for XLM as XRP eyes the $1 mark. Both cryptocurrencies share similarities in terms of historical trends and market performance, which contributes to the overall gains observed today. On-chain data indicates that XRP’s substantial price surge, driven by the court’s decision, triggered increased activity among large-scale cryptocurrency holders. Concurrently, the market experienced a surge in trading volume.
Should XRP continue its upward rally beyond $1, it is likely that Stellar’s XLM will also aim for higher levels, with potential targets set at $0.24 and, further ahead, $0.40. On the downside, the key support level for XLM remains at $0.073.
As the crypto market reacts to this legal victory and anticipates further developments, the performance of XLM and other altcoins will remain closely intertwined with the fortunes of Ripple’s XRP.