- Ripple and Stellar continue to lead other altcoins at the end of the year bull cycle.
- Ripple’s immediate upside capped under $0.7 as bulls fight to keep the price above $0.65.
- Stellar rallied more than 22% in the last seven days, emerging as the top gainer among major altcoins.
The cryptocurrency market has been on a constant rollup in the last seven days. Stellar (XLM) and Ripple (XRP) emerged as top gainers of the week, posting 8.6% and 22.7% in gains, respectively. On the other hand, Bitcoin recorded a 6% upswing after rallying to new all-time highs.
Ripple and Stellar displayed stability on Thanksgiving Day
Last week the cryptocurrency market was engulfed in mayhem as cryptoassets across the board suffered significant declines. For instance, Bitcoin dived massively to test support at $16,200, as reported, while Ethereum spiraled to the support at $480.
The majority of altcoins suffered decent drawdowns on Thanksgiving Day last week. Bitcoin Cash plunged by 30%, testing the buyer congestion zone at $251. Recovery has already ensued with BCH lilted above $300.
Litecoin saw a 29% pullback from highs above $90 to the support established at $64. Following the bullish wave in the market since the weekend, LTC has resumed the uptrend and is dancing at $90.
Similarly, Chainlink tanked 30% after brushing shoulders with the monthly peak reached at $16.5. The decentralized oracle price feed token embraced support slightly above $11. On the bright side, bulls swung into action, catapulting LINK above $14. At the time of writing, LINK is trading at $14.2 amid a bearish building momentum after the massive price action on Monday.
Ripple bulls continue outperforming themselves
Ripple has embarked on another upward trajectory after holding firmly during the Thanksgiving Day crash. Support established at $0.45 allowed bulls to increase their positions while building towards the year’s prediction at $1 end.
The cross-border token has lifted above the stubborn resistance discussed and is teetering at $0.65 at writing. On the upside, the next hurdle lies at $0.7. Trading above this area might give XRP a boost above the seller congestion at $0.75 amid the push for gains eyeing $1.
XRP/USD 4-hour chart
On the flip side, the bullish scenario will lose weight if Ripple closed the day under immediate support at $0.65. The 50 Simple Moving Average at $0.6 is the next short term support. If push comes to shove and declines gain momentum, XRP might revisit the anchor at $0.45 as highlighted by the 100 SMA.
Stellar’s ballistic rise comes to a halt at $0.22′
Stellar shot upwards significantly after breaking above the descending triangle pattern’s hypotenuse, as discussed. The cross-border token price action took place in successive candlesticks before hitting a wall slightly above $0.22.
A reversal is underway at the time of writing as Stellar exchanges hands at $0.196. Losses are likely to dominate the market in the coming sessions, especially if XLM fails to reclaim the position above $0.2.
Moreover, the next tentative support at $0.19 must stay intact. Otherwise, XLM/USD might embark on a journey of breaking barriers towards the 50 SMA at $0.1.
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XLM/USD 1-hour chart
Meanwhile, it worth noting that XLM will resume the uptrend and even break out beyond $0.22 if the shattered support at $0.20 is reclaimed. Such a move will encourage more buyers to join the market, increasing the tailwind on the token. Beyond $0.22, Stellar could ease into another massive spike towards $0.3.