Stellar and Ripple stood out as top gainers in the cryptocurrency market bull run

  • Ripple and Stellar continue to lead other altcoins at the end of the year bull cycle.
  • Ripple's immediate upside capped under $0.7 as bulls fight to keep the price above $0.65.
  • Stellar rallied more than 22% in the last seven days, emerging as the top gainer among major altcoins.

The cryptocurrency market has been on a constant rollup in the last seven days. Stellar (XLM) and Ripple (XRP) emerged as top gainers of the week, posting 8.6% and 22.7% in gains, respectively. On the other hand, Bitcoin recorded a 6% upswing after rallying to new all-time highs.

Ripple and Stellar displayed stability on Thanksgiving Day

Last week the cryptocurrency market was engulfed in mayhem as cryptoassets across the board suffered significant declines. For instance, Bitcoin dived massively to test support at $16,200, as reported, while Ethereum spiraled to the support at $480.

The majority of altcoins suffered decent drawdowns on Thanksgiving Day last week. Bitcoin Cash plunged by 30%, testing the buyer congestion zone at $251. Recovery has already ensued with BCH lilted above $300.

Litecoin saw a 29% pullback from highs above $90 to the support established at $64. Following the bullish wave in the market since the weekend, LTC has resumed the uptrend and is dancing at $90.

Similarly, Chainlink tanked 30% after brushing shoulders with the monthly peak reached at $16.5. The decentralized oracle price feed token embraced support slightly above $11. On the bright side, bulls swung into action, catapulting LINK above $14. At the time of writing, LINK is trading at $14.2 amid a bearish building momentum after the massive price action on Monday.

Ripple bulls continue outperforming themselves

Ripple has embarked on another upward trajectory after holding firmly during the Thanksgiving Day crash. Support established at $0.45 allowed bulls to increase their positions while building towards the year's prediction at $1 end.

The cross-border token has lifted above the stubborn resistance discussed and is teetering at $0.65 at writing. On the upside, the next hurdle lies at $0.7. Trading above this area might give XRP a boost above the seller congestion at $0.75 amid the push for gains eyeing $1.

XRP/USD price chart

XRP/USD 4-hour chart

On the flip side, the bullish scenario will lose weight if Ripple closed the day under immediate support at $0.65. The 50 Simple Moving Average at $0.6 is the next short term support. If push comes to shove and declines gain momentum, XRP might revisit the anchor at $0.45 as highlighted by the 100 SMA.

Stellar's ballistic rise comes to a halt at $0.22'

Stellar shot upwards significantly after breaking above the descending triangle pattern's hypotenuse, as discussed. The cross-border token price action took place in successive candlesticks before hitting a wall slightly above $0.22.

A reversal is underway at the time of writing as Stellar exchanges hands at $0.196. Losses are likely to dominate the market in the coming sessions, especially if XLM fails to reclaim the position above $0.2.

Moreover, the next tentative support at $0.19 must stay intact. Otherwise, XLM/USD might embark on a journey of breaking barriers towards the 50 SMA at $0.1.

XLM/USD price chart

XLM/USD 1-hour chart

Meanwhile, it worth noting that XLM will resume the uptrend and even break out beyond $0.22 if the shattered support at $0.20 is reclaimed. Such a move will encourage more buyers to join the market, increasing the tailwind on the token. Beyond $0.22, Stellar could ease into another massive spike towards $0.3.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

XRP Price Forecast: Ripple could be on the verge of a breakout to $0.40

After losing more than 60% of its value in December 2020, XRP has been trading sideways without much action throughout 2021. The SEC has sued Ripple alleging that it conducted illegal sales of XRP which they consider a security.

More Ripple News

Bitcoin price shows ambiguity as a 30% move is underway according to technicals

Bitcoin has been trading inside a tight range after establishing a new all-time high at $41,950. The digital asset plummeted down to $30,420 and then formed a lower high at $40,100 followed by what seems to be a higher low at $33,850. 

More Bitcoin News

XLM Price Prediction: Stellar awaits a massive breakout but remains inside a no-trade zone

XLM has continued to trade sideways since we last reported about it. The digital asset remains locked inside a tightening range which will eventually burst. Let’s analyze some of the most important indicators to understand the most likely scenario.

More Stellar Lumens News

Ethereum Price Analysis: ETH bulls facing an uphill task inside short-term triangle

ETH/USD steps back from short-term resistance while declining to $1,256 during early Tuesday. In addition to easing from the immediate triangle’s upper line, Ethereum also drops from a three day high by press time. Monthly top, one-week-old ascending trend line favor bulls.

More Ethereum News


Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high

Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours. 

Read the weekly forecast