XRP News Today: Stellar (XLM) surges 26% as XRP ETF approval boosts crypto market

Stellar (XLM) has surged by 26%, drawing significant attention as the approval of an XRP exchange-traded fund (ETF) sends positive ripples through the crypto market. This surge has sparked discussions about whether Stellar can ride the momentum generated by the XRP ETF to new heights. Both Stellar and XRP are often seen as complementary in the payments and remittance space, leading investors to speculate on the potential for a broader breakout in related altcoins.

Stellar’s cryptocurrency, XLM, is currently trading between 23 to 26 cents, reflecting a strong upward trend. The coin has seen a weekly gain of nearly 67% and a monthly rise of around 44%. This upward momentum positions XLM to potentially climb to 29 cents, a level close to its 100-day moving average. However, if the price retraces, support is expected around 21 cents. Despite a dip over the past six months, Stellar’s indicators suggest continued upward potential.

XRP, on the other hand, is experiencing a similar upward movement with its price range between $2.17 and $2.35. The coin has seen a weekly rise of over 27% and a monthly increase of 24.56%. Its nearest resistance stands at $2.43, with the potential to aim for the second resistance at $2.61. If XRP reaches this point, the price could rise by more than 10% from its current levels. The 10-day moving average remaining higher indicates a likelihood for further growth, provided it maintains support above $2.07.

The recent approval of an XRP ETF has created a favorable environment for other cryptocurrencies, including Stellar (XLM). This regulatory approval provides a regulated investment vehicle for institutional investors, potentially driving more investment into the cryptocurrency space. Stellar (XLM) has been gaining traction due to its focus on facilitating cross-border payments and remittances, with its network designed to enable fast and low-cost transactions. This makes it an attractive option for financial institutions and individuals looking to transfer funds internationally.

The momentum generated by the XRP ETF approval has the potential to benefit Stellar (XLM) as well. As more investors become aware of the regulatory approval and the potential for cryptocurrencies to gain mainstream acceptance, they may look for other tokens with strong fundamentals and real-world use cases. Stellar (XLM) fits this criteria, and its recent price surge could be a sign of growing investor interest.

However, it is important to note that the cryptocurrency market is highly volatile, and price movements can be influenced by a variety of factors. While the recent price surge of Stellar (XLM) is encouraging, it is not guaranteed that the token will continue to rise. Investors should conduct their own research and consider their risk tolerance before making any investment decisions.

In conclusion, the recent price surge of Stellar (XLM) and the approval of an XRP ETF have created a favorable environment for the cryptocurrency. While the future of Stellar (XLM) is uncertain, its strong fundamentals and real-world use cases make it an attractive option for investors looking to capitalize on the growing interest in cryptocurrencies. If market sentiment remains bullish and ETF excitement persists, both Stellar (XLM) and XRP could see continued gains, making them prime candidates for altcoins to watch in the near term.