Stellar’s Price Movements Mirror Ripple’s, Analyst Predicts Uptrend
Investing.com | Editor Venkatesh Jartarkar
Published Oct 16, 2023 02:48PM ET
Renowned crypto analyst EGRAG has highlighted a historical correlation between the price movements of Stellar (XLM) and Ripple's XRP, which could hint at an upcoming uptrend for both tokens. The analysis traces back to January 2018 when both cryptocurrencies reached their simultaneous peak, with XLM hitting $0.9309 and XRP peaking at $3.31.
Following this peak, both tokens experienced a significant drop in March 2020 but managed to rally later that year in November. XRP saw a gain of 177%, while Stellar appreciated by 160%. However, in December 2020, both cryptocurrencies experienced a decline, with XRP dropping by 66% and Stellar following suit.
EGRAG's analysis indicates that Stellar's price movements have been strongly influenced by Ripple's performance over the years. This correlation was again evident in April 2021 when both coins rallied once more. Ripple reached $1.9669 and Stellar peaked at $0.7978 before entering a downtrend from June 2021 to December 2022.
The analyst's chart reveals a series of channels that Stellar has followed since January 2018, mirroring Ripple's movements. As of Monday, Stellar is trading at $0.1072 and is predicted to enter another uptrend soon, potentially reaching the $1 price range. This bullish outlook for both tokens is based on their historical performance and correlation.
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