Price Analysis

Cryptocurrency Technical Analysis: A Tale of Dance between Ripple, Stellar Lumens & Bitcoin

XRP (Ripple) and XLM (Stellar Lumens) can be seen dancing together in tune with Bitcoin’s price action. Current XRP and XLM prices are highly correlated to the BTC price action and in turn, correlated to each other as well as shown in the given chart below:

 

XRP vs BTC vs XLM Price Analysis
XRP vs BTC vs XLM Chart by TradingView

 

  • BTC/USD is denoted by a white line
  • XRP/USD is denoted by a blue line
  • XLM/USD is denoted by a red line

 

Bitcoin’s price recovers after hitting a low of $6500 and currently it is trading at $7500 across major exchanges. XLM and XRP too recover after hitting key support areas. Both are under 9 days SMA and might try to do S/R flip of 21 days SMA (Simple Moving Average) as both have RSI (Relative Strength Index) of 31.54 and 39.48, respectively.

 

Stellar Price Analysis

1 Day Time Frame: XLM coin tried to push above 200 days SMA (Simple Moving Average, red solid line) two times on November 05 & 12, and got rejected. Stellar price was holding above 21 days SMA (white solid line) on November 14 & 15 around $0.0726 price range but due to a sharp decline in Bitcoin price from its weekly Fibonacci level of 50% i.e. $8532 towards the critical support at $6042. While BTC seems to have found its support at $6500 and bounced back to $7500, XLM/USD prices clearly seem to be correlated to the BTC/USD pattern.

 

Stellar price declined sharply from $0.827 and found support between a daily key and critical support area as shown by the yellow area between $0.057 and $0.0518. XLM coin price is under 9 days SMA (blue solid line) and retesting support/resistance at $0.06, if successful then the next target will be $0.067 as marked by 49 days SMA (green solid line).

Stellar Price Prediction
Stellar Price Chart by TradingView

XLM Price is highly correlated to Bitcoin price movements as shown in the below given chart:

  • BTC/USD is denoted by a white solid line
  • XLM/USD is denoted by a blue solid line
XLM vs BTC Price Comparison
XLM vs BTC Price Chart

Ripple Price Analysis

1 Day Time Frame: XRP coin after being rejected thrice on September 18, October 26 and November 06 by 200 days SMA at $0.319 found its support around $0.214, which is also acting as weekly support. RSI is at 31.54 which indicates a change in momentum and Ripple can see a price reversal and it may try to do an S/R (Support/Resistance) flip at $0.255 which is 21 days SMA (white solid line).

Ripple Price Prediction
Ripple Price Chart by TradingView

At present, the Ripple price is highly correlated with Bitcoin price as can be seen in the below given chart:

  • BTC/USD is denoted by a white solid line
  • XRP/USD is denoted by a blue solid line
XRP vs BTC price comparison
XRP vs BTC Price Chart

Conclusion: Since, XLM and XRP prices are highly correlated to BTC/USD prices and in turn correlated to each other; Bitcoin’s S/R flip of $8532 at 50% Fib level will push the Stellar and Ripple prices towards 21 days SMA and 49 days SMA for both coins.

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Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.
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