XLM Skyrockets as Ripple’s XRP Boosts Stellar Price

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Stellar (XLM) price surged on Thursday to its highest level since April 2022, near $0.20, following 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.

The news of Ripple’s victory over the US Securities and Exchange Commission (SEC) had a ripple effect in the crypto market, with the bulls pushing past long term resistance levels. XLM price raced to highs near $0.20 to mirror the broader crypto market’s upward action.

On-chain data shows XRP’s massive price jump after the court’s decision drove a lot of whale activity, 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. The main support remains at $0.073.

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