Date: Wed, Nov 27, 2024, 09:02 AM GMT
In today’s cryptocurrency market, major altcoins are rebounding after yesterday’s correction, during which Bitcoin (BTC) dropped over 6%, dipping below $92,000. However, BTC has since recovered above $93K, and this upward momentum has positively impacted top altcoins Ripple (XRP) and Stellar Lumens (XLM). These tokens are showing promising signals, with XLM leading the rally with a 13% surge and XRP up by 7%.
XRP (XRP):
XRP is currently trading at $1.46, hovering near the upper trendline of a symmetrical triangle pattern. This formation is typically a continuation pattern, signaling that the price is poised for a breakout, which could lead to significant gains.
1.Upside Potential: If XRP manages to break above the upper trendline, it could trigger a rally toward $1.62, and potentially as high as $2.00. A similar breakout from the previous symmetrical triangle saw XRP rally by over 37%, hinting that history could repeat itself.
2.Support Levels: On the downside, XRP must maintain support above $1.35 to keep bullish momentum intact.
The RSI (Relative Strength Index) for XRP is trending upwards but remains within the neutral zone, suggesting that the asset has room to move higher before entering overbought territory.
Stellar (XLM):
XLM has rallied by 13% today, currently trading at $0.51. The token recently broke out of a descending triangle pattern at $0.4470, propelling it to an important resistance zone between $0.49 and $0.5132.
1.Upside Potential: If XLM can decisively break above the current resistance zone, the next major target lies at $0.6364, which represents a potential 23% upside from its current price.
2.Support Levels: Key support is now at $0.4470, and XLM needs to hold above this level to avoid further pullbacks.
The RSI for XLM has surged to 83.83, signaling overbought conditions. While this indicates strong bullish momentum, a short-term pullback could occur before the next leg higher.
What to Expect Next?
Both XRP and XLM are showing bullish setups, with their technical patterns suggesting potential upside. XRP is nearing a critical breakout point from its symmetrical triangle, while XLM has already cleared its descending triangle and is testing significant resistance.
These moves come as BTC stabilizes above $93,000, which could provide a solid foundation for broader market recovery. If BTC continues to rise, XRP and XLM could see further gains as momentum builds in the altcoin space.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.