Stellar and Ripple have distinguished themselves as top gainers in the race to the top of the cryptocurrency market

  • Ripple and Stellar continue to lead other altcoins at the end of the year’s bullish cycle.
  • Ripple’s immediate rally has fallen below $ 0.7 as the bulls struggle to hold the price above $ 0.65.
  • Stellar has rallied over 22% over the past seven days, emerging as the top gainer among the major altcoins.

The cryptocurrency market has been constantly updated over the past seven days. Stellar (XLM) and Ripple (XRP) emerged as the week’s top gainers, posting 8.6% and 22.7% gains, respectively. On the other hand, Bitcoin recorded a 6% increase after reaching new all-time highs.

Ripple and Stellar showed stability on Thanksgiving

The cryptocurrency market was overwhelmed by chaos last week as cryptocurrencies across the board took significant dips. For example, Bitcoin fell massively to test support at $ 16,200, as reported, while Ethereum jumped to support at $ 480.

Most altcoins experienced decent reductions on Thanksgiving last week. Bitcoin Cash tumbled 30%, testing the buyer’s congestion zone at $ 251. The recovery has already happened with BCH falling above $ 300.

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

Similarly, Chainlink lost 30% after brushing off with the monthly peak reached at $ 16.5. The decentralized Oracle price feed token has embraced slightly higher support at $ 11. On the bright side, the bulls are in action, catapulting LINK above $ 14. At the time of writing, LINK is trading at $ 14.2 at a time of bearish construction following the huge price action on Monday.

Ripple’s bulls continue to outperform themselves

Ripple embarked on another upward trajectory after holding firmly its position during the Thanksgiving crash. The support established at $ 0.45 allowed the bulls to increase their positions as it built towards the year-end forecast at the end of $ 1.

The cross-border token has risen above the stubborn resistance discussed and is hovering at $ 0.65 at the time of writing. On the upside, the next obstacle is $ 0.7. Trading above this area could give XRP a boost above seller congestion at $ 0.75 amid the earnings boost it sees $ 1.

XRP / USD price chart

XRP / USD 4-hour chart

On the flip side, the bullish scenario will lose weight if Ripple closes the day below the immediate support at $ 0.65. The simple moving average 50 at $ 0.6 is the next short-term support. If the critical moment comes and the dips gain momentum, XRP could revisit the anchor at $ 0.45, as evidenced by the 100 SMA.

Stellar’s ballistic rise stops at $ 0.22 ‘

Stellar fired up significantly after breaking above the hypotenuse of the descending triangle, as discussed. The cross-border token price action took place in successive candles before hitting a wall slightly above $ 0.22.

At the time of writing, Stellar is trading hands at $ 0.196. Losses are likely to dominate the market in the coming sessions, especially if XLM fails to recover above $ 0.2.

Furthermore, the next provisional support at $ 0.19 must remain intact. Otherwise, XLM / USD could embark on a journey to break the barriers towards the 50 SMA at $ 0.1.

XLM / USD price chart

1 hour XLM / USD chart

In the meantime, it is worth noting that XLM will resume the uptrend and even break out of $ 0.22 if the shattered support at $ 0.20 is claimed. Such a move will encourage more buyers to enter the market, increasing the favorable wind on the token. Above $ 0.22, Stellar could reach another huge peak around $ 0.3.

. Source link