Stellar’s Lumens [XLM] & Ripple’s XRP Price Action – XLM Rises Above Ascending Triangle

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XLM Daily Chart

XLM continues to outperform despite most top cryptocurrencies falling.

Data from Messari shows XLM increasing 5.21% over the past 24 hours whereas all other top cryptocurrencies are recording losses over this same time period.

A key factor playing into XLM’s outperformance is likely to be the ascending triangle pattern which has been forming for the past five weeks.

An ascending triangle pattern is a bullish trend continuation pattern that forms when price forms a series of higher lows and also a resistance level.

XLM has been forming higher lows for the past five weeks and was also meeting resistance at $0.092.

Today’s price action has resulted in price rising above the resistance level, but there is the possibility it may drop back below before the daily candle closes.

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XLM Hourly Chart

The hourly chart shows price initially reversing since rising above the resistance level.

It may now be a case of resistance turned support as the price seems to be finding buying pressure at the point of former resistance.

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XRP Weekly Chart

XRP has almost closed another week of consolidation. XRP has been consolidating near $0.313 for the past two months.

Each of the last eight weekly candles has either formed a Doji candle or have formed with a small body. A Doji candle is a candle where the open and the close are around the same point and reflects uncertainty from traders.

Price has dropped to support at $0.295 on several occasions and even below but has failed to close below on the weekly candle which would be a bearish signal.

The weekly RSI and MACD have also been trading mostly flat reflecting the consolidation.

Price has been forming both a series of higher lows and lower highs as it continues to consolidate near this level forming a triangle pattern.

With the downward trendline of the triangle pattern being far steeper, the pattern closely resembles a descending triangle pattern which is a bearish trend continuation pattern.

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XRP Daily Chart

Below price is the $0.295 support level. Any drops below this level have found buyer liquidity at $0.277.

Above price is resistance at $0.33 which price has failed to overcome several times in trading over the past month.

Key Takeaways:

  • XLM outperforms as price rises above an ascending triangle pattern it had been forming.
  • All other top cryptocurrencies apart from XLM are recording losses over the past 24 hours.
  • XRP continues to consolidate around $0.33 and forms a triangle pattern.
  • The triangle pattern closely resembles a descending triangle pattern which is a bearish trend continuation pattern given more odds of XRP breaking down from here.
  • Other key levels to monitor for XRP are $0.295 and $0.277 as support and $0.33 as resistance.

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