will Stellar Lumens XLM be next?

Ripple’s price went parabolic, rising for three consecutive weeks, as investors reacted positively to the election of Donald Trump and its potential impact on the cryptocurrency market.

Ripple (XRP) token broke through key $1 resistance for the first time since 2021. The token has surged over 220% from its 2022 low, pushing its market cap to over $64 billion.

The continued rise is largely attributed to Trump’s election and anticipated changes at the Securities and Exchange Commission. Some analysts think the SEC may drop its legal fight against Ripple Labs, paving the way for Ripple to form major partnerships with companies and banks in the money transfer industry.

According to Santiment, the XRP price increase is also due to whale and shark accumulation. These large investors purchased $526 million worth of XRP in the last seven days, reportedly purchasing the token from retail traders who profited.

🥳📈 XRP has now broken its 3-year high, reaching $1.2679 on Binance for the first time since November 11, 2021. This rally follows key whale and shark wallets holding between 1 million and 100 million tokens. This group collectively accumulated another 453.3 million tokens (worth… pic.twitter.com/8F0IjXs7A5

— Santiment (@santimentfeed) 16 November 2024

Stellar Lumens price may reach $1

Ripple’s rise also extended the gains of Stellar Lumens (XLM), which rose to $0.2554, its highest level since January 2022, for three consecutive weeks.

Stellar shares a similar story with Ripple as both aim to dominate the money transfer industry. Stellar founder Gavin Wood was previously involved in Ripple.

Stellar has partnerships with leading companies, including Circle, which oversees over $1.5 trillion in assets, and asset manager Franklin Templeton.

With XRP currently at $1, some analysts predict that XLM could follow and reach the same milestone. XLM, which traded at $0.24 on Monday, needs to rise 316% to reach this target.

XLM price analysis Stellar Lumen chart | Source: crypto.news

On the weekly chart, XLM formed a double bottom pattern at $0.080 and broke above $0.1974, its highest level since July of last year.

The token has also broken above the 50-day moving average and is trading near the 23.6% Fibonacci Retracement level.

Technical indicators, including the MACD and Relative Strength Index, indicate that the bullish momentum will continue. Analysts suggest that Stellar’s price could rise 83% from its current price to the 50% Fibonacci Retracement level of $0.4335. A move above the all-time high of $0.80 will confirm a possible climb to $1.