Stellar surged 18%, outperforming XRP, since it makes a bullish flag pattern, indicating possible 330% break given the turbulent market.
Stellar (XLM) posted an 18% price increase today to $0.302 before dropping to $0.2995. This is after the asset fell to $0.252 on Friday, showing a healthy rebound. XRP, however, only posted a 12% price increase to $2.20 before falling back to $2.14. Stellar’s rebound is higher than XRP, which shows better recent performance despite market volatility.
This price rise comes amid a challenging market environment. Just days earlier, a massive sell-off had taken place, leading to $1.5 billion in liquidations on Monday and another $952 million on Friday. Investor anxiety about the economy led to a drop in many cryptocurrencies, including both XRP and XLM.
But Stellar has accelerated again and is now showing consistent growth. A bullish flag chart pattern is emerging on the daily chart, which most traders interpret as a sign of a continuation in a trend. Crypto analyst Ali pointed out this pattern, forecasting a potential 330% breakout for XLM. This chart pattern is a repeat of XRP’s action in January when it increased 500%. If Stellar can break through its daily moving average, it can further grow.
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