Stellar (XLM) has experienced a 12% increase in trading volume, sparking investor interest. As a major competitor to Ripple (XRP), analysts suggest that a breakout from its symmetrical triangle pattern could ignite a bullish rally.
XLM Trading Volume Surges, Signaling Investor Activity
In recent days, Stellar (XLM) has gained momentum, with its trading volume soaring by 12%. This uptick indicates growing investor interest, as many speculate whether XLM’s price will mirror this surge. According to CoinMarketCap, XLM’s 24-hour trading volume has hit $324 million, reflecting increased market participation.
This volume growth suggests significant investor movement on the Stellar network, potentially paving the way for a short-term price rally. Data from CoinGecko shows that XLM is currently trading at $0.30, with a market capitalization of approximately $9.2 billion. However, its price action remains correlated with Bitcoin (BTC), which has declined by 2.1%, indicating broader market challenges.
XLM vs. XRP: Price Correlation and Market Trends
As XLM shows strength, XRP is also following a similar trajectory. Despite experiencing a 1.9% decline to $2.54, XRP’s trading volume has surged by 40.25%. Historically, XLM and XRP have exhibited similar price movements, making their latest trends worth monitoring. Interestingly, XLM outperformed XRP’s 12% rally last weekend with an 18% price increase, climbing from $0.252 to $0.3086.
On February 28, Stellar rebounded from $0.252, experiencing three consecutive days of gains, peaking at $0.375 on March 2 before pulling back to the $0.30 range. By March 5, XLM surged over 9% in a single day, drawing renewed investor interest.
Can XLM Break Out for a 300% Rally?
Currently, XLM is trading between its 50-day and 200-day moving averages, fluctuating around $0.305 and $0.258. Crypto analyst Ali Martinez suggests that if XLM breaks out of its symmetrical triangle pattern, it could trigger a 300% bullish rally. This projection implies a significant long-term price surge for Stellar.
With investors closely watching market trends, the future trajectory of XLM remains uncertain. Will Stellar’s growing trading volume translate into a sustained uptrend? Stay updated with Turkish NY Radio for the latest insights.
