Stellar (XLM) price rose to its highest level since April 2022, hitting highs near $0.20.
XLM’s stellar performance followed a staggering 87% jump in less than 3 hours for XRP.
XRP is Ripple’s token, and a judge just declared it was not a security.
Stellar (XLM) price jumped nearly 70% on Thursday as bulls pushed past long term resistance levels to trade at prices last seen in April 2022.
The catalyst was today’s Ripple news.
Stellar price jumps as XRP rockets
XLM price raced to highs near $0.20 to see it mirror broader crypto market upward action following one of the biggest news events in crypto history.
This is after Ripple, the company behind the XRP coin won against the US Securities and Exchange Commission (SEC). As CoinJournal reported, the court battle has been around a case where the regulator sued the blockchain company over allegations that XRP was a security.
But on Thursday, Analisa Torres, Judge of the US District Court for the Southern District of New York, handed Ripple the victory in a summary judgement. The judge’s decision effectively declared XRP not a security.
The market’s reaction to the news was swift, with buyers sending XRP to near $0.95 – its highest level since December 2021.
Elsewhere, Stellar’s XLM was the top performer among altcoins as its price raced to near $0.20. Other top gainers were Cardano (ADA), Polygon (MATIC), and Solana (SOL). Bitcoin also traded to a new YTD price as did Ether that hit above $2k.
For the altcoins, the Ripple-fueled sentiment helped decelerate part of the downward pressure that had permeated the market after the SEC declared the tokens securities in lawsuits against Binance and Coinbase.
XLM price outlook
XLM is looking to break higher as XRP eyes $1. The two cryptocurrencies, which have a lot in common in terms of their historical overview and market performance, are seeing the most gains today.
Stellar XLM price on the weekly chart. Source: TradingView
With XRP likely to see a fresh burst in the next few days, upside momentum could cascade into XLM price. On-chain data shows XRP’s massive price jump after the court’s decision drove a lot of whale activity. This even as the market witnessed a spike in volume.
If XRP price rallies higher above $1, it likely Stellar’s native token will target $0.24 and above that, $0.40. On the downside, the main support remains at $0.073
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