The price of Stellar (XLM) has been recovering for the past 8 days after it bottomed at around $0.077. It has since then increased by 20%. This move is also similar to that of many altcoins that fell hard following the decline of Bitcoin and Ethereum prices.
The general market is having a price recovery, and XLM is also following the same price pattern. However, now that Stellar’s XLM price is recovering, will it continue to follow XRP’s price path to start a major rally?
Ripple’s XRP and Stellar’s XLM Price Similarities
A look into price action shows that the price of XLM and Ripple’s XRP have had similar price patterns for a long time. XRP has struggled to impress its users, and the same goes for Stellar.
The price of XRP, for example, has been stuck in a consolidation (sideways trading pattern) since April 2022. And since then, the price has been trading largely between $0.3 and $0.75—a 150% price range.
A similar pattern can be seen with XLM, which has also been trading within a range-bound consolidation since May 2022. Trading between $0.07 and $0.16—around 130% profit range.
The two crypto recoveries have also followed a similar pattern. With their prices bouncing off around the bottom over 2 years range-bound zone.
Will XLM Follow XRP Path or Start Its Own Rally
Based on price action, a sustainable price recovery for XLM is not looking likely yet. Perhaps the price needs to first break out of the consolidation for traders to have the confidence to polish higher.
The ongoing recovery may not be enough to change XLM market sentiment. Therefore, it might continue on XRP’s path for some more time.
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From Fundamentals Perspective: There seems to be nothing going on with Stellar right now. The project’s official X (Twitter) page has only been updated once this year, with a few posts in 2023. Lack of X presence like their competitors is bad for the project. Perhaps, it is a self-inflicted death sentence.
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