The XLM price shot up heavily from the previous day’s lows which ranked the asset within the top 10.
The price gets rejected third consecutive time above $0.30 and hence a possible breakdown is expected by some experts.
Will XLM outpower XRP?
Stellar price in the past couple of days experienced a drastic plunge which declined nearly 50% of the XLM price. However, in the early hours of trading, the price yet again enters the bull rally and touched the levels close to its previous ones above $0.30, but again suffered a rejection. Therefore dragging the price again below $0.3.
On the other hand, XRP price is also following a similar pattern as it also got rejected multiple times above $0.35. With the rejection, the price crashed more than 30%. Also the attempt to rebound also failed as it again got rejected close to $0.3. However, the plunge that dragged the price close to $0.25 rebounded gaining nearly 17% but again rejected.
At the time of writing, the XRP price is $0.29 and XLM price is $0.28 and both are poised to touch the targets set above $0.4. But if we consider the market cap, XRP is well ahead of XLM which may be flipped in the coming days if the bull rally speeds up.
Will XRP rebound or retest the lower levels?
The XRP price experienced a major roller coaster ride in the past month by surging to the yearly highs level close to $0.7. But unfortunately visited the $0.2 within a week. Yet another rally carried the price above $0.36 but yet again crashed back to the levels around $0.25.
The 4-hour pattern of XRP price has formed an M-shapped pattern. However, the technical indicators do not have a major forecast for the pattern, but if the previous chart of XRP is looked at then a possible downtrend can be expected.
Currently, it is very important for the XRP price to retest the resistance levels at $0.36 and avoid further slippage to follow a similar pattern as before.