XRP and XLM joined other altcoins and pumped on the back of Bitcoin’s sudden surge. XRP and XLM continued the same trend, at press time.
The price of XRP was $0.36 with a market cap of $14.9 billion, while the price of XLM was $0.128 and the market cap was hovering at $2.45 billion, at press time. XRP, the third largest cryptocurrency by market cap, was facing competition from XLM after Stellar and IBM partnered with a vision to develop a cross-border payments system.
Ripple’s xRapid already has 200+ partners signed up to use Ripple’s blockchain technologies. However, a few of these use xRapid technology to transfer funds across borders by leveraging XRP. World Wire, developed by IBM in tandem with Stellar, will do the same things as xRapid, but is currency agnostic and hence, any currency, including XLM, can be used.
XRP 1 Day chart
Support 1: $0.3069
Support 2: $0.2587
Resistance 1: $0.5836
Resistance 2: $0.6880
Resistance 3: $0.9041
The Aroon indicator showed a falling downtrend and an uptrend, which indicated XRP prices heading into the consolidation phase or sideways movement.
The Chaikin Money Flow crossed the zero-line to the bottom, indicating that money was flowing out of the market.
The Relative Strength Index was above the 50-line, indicating higher buyers’ momentum.
XLM 1 Day chart
Support 1: $0.0964
Support 2: $0.0742
Resistance 1: $0.1239
Resistance 2: $0.1901
Resistance 3: $0.2796
The Aroon indicator for XLM showed a rising downtrend, while the uptrend i.e., the Aroon green line was collapsing. This indicated an increase in the strength of the downtrend.
The Chaikin Money Flow for XLM was above the zero-line, indicating steady money flow into the XLM market since 1 February, 2019.
The Relative Strength Index was above the 50-line, indicating that the momentum was skewed towards the buyers.
XRP indicated that it was going into a consolidation phase after the recent pump, while XLM prices were holding up well and indicated a slightly bullish trend, as confirmed by Aroon, Chaikin Money Flow and Relative Strength index indicators.
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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.