Ripple and Stellar Lumens prices are rising, prompted by election news and possible changes in the SEC. Investors are closely monitoring the situation.
Ripple's Price Surge
Ripple token crossed the significant resistance level at $1 for the first time since 2021. The token surged by over 220% from its 2022 low, pushing its market capitalization above $64 billion. The ongoing rally is largely attributed to recent elections and anticipated changes within the Securities and Exchange Commission. Some analysts speculate that the SEC may drop its legal battles against Ripple Labs, potentially paving the way for significant partnerships with companies in the money transfer industry and banks.
Stellar Lumens Follows Trend
Stellar Lumens also gains on Ripple's rally, reaching $0.2554, its highest level since January 2022. Like Ripple, Stellar aims to dominate the money transfer industry. Stellar has partnerships with prominent companies such as Circle and Franklin Templeton. With Ripple's current level, some forecasts suggest that XLM could also reach $1.
XLM Price Analysis
On the weekly chart, XLM formed a double-bottom pattern at $0.080 and has broken above the neckline at $0.1974, its highest level since last July. The token has also risen above the 50-day moving average and is hovering near the 23.6% Fibonacci retracement level. Technical indicators, including MACD and Relative Strength Index, point to further bullish momentum. Analysts suggest that Stellar's price could rise to the 50% Fibonacci retracement level at $0.4335, an 83% increase from its current price.
Analysts continue to monitor the situation, as changes in the political and financial landscape could significantly impact the cryptocurrency market. Both XRP and XLM are expected to maintain their positions amid investor interest.
