XRP rival breaks out as crypto market turns green

Stellar (XLM) has emerged as a standout performer in the current short-term cryptocurrency market rally, outpacing some of its rivals, including XRP.

At press time, sustained buying pressure has pushed XLM’s price to rally 6.7% in the last 24 hours, trading at $0.26. Similarly, on the weekly chart, the token is also in the green, up over 8%.

The price gains have been accompanied by a notable capital inflow, with the XLM market capitalization increasing by about $600 million in the past day. The cumulative 24-hour capitalizations peaked at approximately $8.06 billion before settling at $7.91 billion as of press time.

In contrast, XLM’s competitor, XRP, saw a more modest 2.33% increase, trading at $2.10 with a $123 billion market cap. 

Both cryptocurrencies focus on facilitating fast and low-cost cross-border payments, but Stellar’s recent momentum suggests increasing investor interest, while XRP’s price movement has largely reflected indecision among traders.

Catalysts behind XLM’s price rally

The current Stellar rally is the result of several factors beyond the broader market trajectory. Most notably, XLM has recently witnessed increased confidence from whale investors.

For instance, on April 17, whale activity surged as 245 million Stellar tokens were moved within five minutes. The transfers included 75 million, 80 million, and 90 million XLM transactions, with the latter, worth over $21 million, sent to dead wallets. 

While the motives remain unclear, analysts speculate the funds could be headed for liquidation or custodial storage, both of which may impact XLM’s price outlook.

For the price outlook, XLM’s technical structure suggests the current rally might not be sustainable in the short term. 

The token remains below both its 50-day and 200-day simple moving averages (SMA), indicating a bearish trend in the medium and long term. For now, market sentiment remains neutral but can rally higher if Bitcoin pushes above $90,000. 

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