Here are the latest developments on Dogecoin (DOGE), XRP, and Stellar (XLM):
Dogecoin (DOGE):
Price Action: DOGE is currently consolidating above the $0.40 level. Analysts warn of a potential 50% drop if the $0.33-$0.35 support level does not hold. However, positive market sentiment and support from figures such as US President-elect Donald Trump could push DOGE towards $1 in the coming months.
South Korea Trading Activity: DOGE was one of the altcoins driving a surge in crypto trading volume in South Korea, reaching $18 billion in 24 hours, surpassing the country’s stock trading volume.
XRP:
RLUSD Stablecoin Approval: Ripple has received final approval from the New York Department of Financial Services to launch its USD-backed RLUSD stablecoin. The news sent XRP prices up by around 20% in the 36 hours following the announcement. Analysts project a potential rise in XRP prices to $3.50 by the end of the year.
South Korean Price Surge: XRP experienced a significant price surge in the South Korean market, with trading volume reaching $6.3 billion in 24 hours. XRP price has reached $2.80, the highest in the last seven years.
Stellar (XLM):
Significant Price Increase: In November 2024, XLM price was around $0.09 per token. One month later, XLM surged more than 490% to reach around $0.53.
Correlation with XRP: XLM’s recent 30% price increase was driven by a strong correlation with XRP’s price movement. XLM trading volume reached $2.96 billion, with open interest increasing to its highest level this year.
Overall, these three crypto assets showed significant market activity, driven by fundamental developments and positive sentiment across various global markets.