It's no secret that #Stellar Lumens and Ripple's XRP have a lot in common when it comes to blockchain technology and usage cases. Moreover, the founder's link to Ripple adds another degree of interest, as investors anticipate that XLM will not be classified as a security by authorities.
Because of this link, #XLM often mirrors the price swings of XRP. The market's expectation of Ripple events having an equivalent influence on Stellar has often resulted in such linked swings, as shown last week following the Ripple verdict. Yet, Stellar Lumens has recently able to stand on its own, demonstrating its potential to decouple from the fortunes of #XRP .
One reason for this might be its collaboration with MoneyGram, which resulted in the revolutionary B2B offering MoneyGram Access. This service converts the stablecoin USDC into cash globally through MoneyGram's branch network, using Stellar's ledger for flawless execution. This strategic partnership has not only strengthened Stellar's use case, but it may also have accelerated its recent price increase.
The integration of Access into numerous apps and fiat ramps significantly increases XLM's demand and usefulness. For example, the HoneyCoin app's integration of Access for simple cash out in numerous African nations and the United Kingdom may have helped to Stellar's recent outperformance compared to XRP.
Another reason for XLM 's recent excellent performance might be the tremendous interest in the futures market. The open interest in Stellar Lumens reached more over $120 million yesterday, a level not seen since the bull market's top in November 2021. Incidentally, this scenario is identical to that of $XRP , which has seen open interest climb to previously unheard-of heights.
Despite a significant rise, Stellar Lumens is still in negative zone when looking at the 1-week chart. This week, the XLM price must reclaim the 23.6% Fibonacci retracement level at $0,1583 as well as the 200-week EMA at $0,1597. (blue line). Another move higher is probable with the weekly RSI at 73.
On a 1-day basis, XLM continues above all moving averages (EMAs). Stellar must stay above the $0.1250 support level to continue on its upward trend. If this happens, XLM may surge another 35% to the 38.2% Fibonacci retracement line. A break below the support level at $0.1250, on the other hand, would call the bullish outlook into question. $XLM
