Stellar XLM price has skyrocketed by 55% in the past 24 hours following the summary judgment that declared XRP a non-security.
The coin’s trading volume has also spiked today by 3000%, standing at $14 billion, while the market cap has also gained 55% reaching $4 billion at 7:21 EST.
With the current price, XLM has gained 56% in 7 days, 30% in 14 days, 82% in 30 days, and 46% in 1 year.
This gain indicates that even though the US SEC mentioned XLM in its lawsuit against Binance and Coinbase, the asset has been more bullish than bearish in the past 30 days.
XLM Price Prediction Amid Favorable News for XRP
XLM faces price volatility today. However, it still retains most of its gains. It is trading above its 50-day and 200-day Simple Moving Averages (SMA), expressing a short and long-term bullish sentiment.
XLM formed a long green candle on the chart yesterday, a Bullish engulfing pattern representing a massive spike in buyer pressure.
Also, its Relative Strength Index (RSI) is 79.43 in the overbought region above 70. This bullish signal shows a massive spike in long (buy) positions today. The RSI is moving downwards and might retrace below the overbought region to consolidate its gains.
XLM’s Moving Average Convergence/Divergence (MACD) is above its signal line and strongly expresses bullish sentiment. Its Histogram bars also confirm the trend as they are green today. XLM will likely continue its rally in the short term.
XLM found critical support at the $0.095819 price level. This support acted as a pivot point, turning the $0.0112198 resistance to support and sending the asset to the $0.155569 resistance level.
A break above this level will see XLM’s price record massive gains as it rallies. However, the bears at the $0.155569 level intend to limit its price gains today.
What’s Pushing XLM Higher?
The SEC Vs. Ripple case has been ongoing for three years following the regulator’s allegation that Ripple sold XRP as an unregistered security to investors.
But on July 13, Judge Analisa Torres ruled that XRP is not a security. As such, crypto enthusiasts suggest that XLM, which was mentioned as a security in the SEC lawsuits against Binance and Coinbase, is now free.
In a Twitter post on July 13, Gemini exchange co-founder Cameron Winklevoss opined on the positive news.
Another Twitter post that reiterated the effect of the Ripple win against SEC in the general crypto market came from Coinbase.
The exchange stated clearly that the win for Ripple, XRP and its executives is also a win for the industry and other key players.
XLM is not the Only Asset with High Growth Potential
For now, the altcoins categorized as securities in the SEC lawsuits are scoring high gains today. But there are other assets with high-growth potential in the short term to consider.
The coin that fits the description is Wall Street Memes (WSM), which has emerged out of the meme stocks movement famously responsible for the 2021 GameStop and AMC rallies.
Not only has its presale raised close to $14.7 million in a matter of weeks, but its Twitter account now has over 252,000 followers.
These two figures provide a strong indication that WSM has attracted a sizable group of supporters, who will likely boost the meme token’s price when it lists on exchanges in the next few weeks.
Encouragingly, WSM has been specifically structured to offer tangible incentives to its holders, ensuring its longevity and vitality.
The token has dedicated 50% of its supply to the presale stage, allowing early supporters to participate in its growth.
Additionally, another 30% of the token supply has been allocated to the community, fostering active engagement and involvement.
Because of such tokenomics, WSM can be expected to outperform the vast majority of new meme tokens, particularly over the medium- and long term.
Investors can join the WSM presale by going to the official Wall Street Memes website, with 1 WSM now available for $0.0316.
The presale will conclude with WSM available at a price of $0.0337, a figure that may end up seeming cheap in the next few weeks.
Visit Wall Street Memes Now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Read the full article here