Stellar (XLM) is outperforming the broader crypto market on the technical rebound.

The world of cryptocurrencies can often prove to be a bit of wild ride sometimes, and it is especially so after the sort of week that has been unleashed on the crypto sphere. Many of the top cryptocurrencies declined yesterday after the comments from the head of the Federal Reserve Jerome Powell about Facebook’s Libra.

Stellar Outperforms

During the bloodbath yesterday, Stellar (XLM) dropped just like many other tokens, and at one point went down by as much as 14%. However, Stellar managed to make a turnaround today and managed to record substantial gains and remains one of the biggest gainers today among altcoins. The price of Stellar rose to $0.09861, up by 9.70%, according to the data that was available from the leading crypto exchanges.

Currently, Stellar is the 11th biggest cryptocurrency in the world in terms of market capitalization, and the total number of XLM tokens that are currently in supply stands at 19.43 billion. During today’s considerable spike in price, the total traded volume of XLM reached $505.56 million over the past 24 hours, and for all those who currently hold XLM, it is definitely an important development.

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The theme for many cryptocurrencies this year has been about the use case and whether it is going to get any attention from institutional investors. In this regard, it needs to be pointed out that Stellar has already made a highly important partnership with tech behemoth IBM, and due to the potential of blockchain technology in the near future, it’s speculated that this particular partnership could bring rich dividends for the cryptocurrency.

However, as the number of partnerships starts rising, it is almost certain to have a big impact on the cryptocurrency’s price. However, among many experts, there is one concern with regards to Stellar, and that is the suspected centralized nature of the token. However, if it manages to keep forging partnerships, then it could manage to bring hefty returns for its holders.

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Ripple (XRP) has been very volatile since the beginning of this week. After showing positive price movement on Monday, Ripple has been correcting since Tuesday and has slumped 20% since then. At the time of writing, XRP is trading lower by 5% at $0.3310.

Key Supports & Resistances

If the digital asset maintains the declining momentum and panic continues to make people sell, then XRP prices will dip massively and close below $0.34, which will invalidate prior XRP/USD trade plans. Currently, prices have gotten back to consolidation in the $0.15 range with caps at $0.50. On the technical chart, a breach of the $0.31 level will most likely nullify the bullish outlook of the trade plans as bears are expected to drive prices to $0.285 thus retesting the main support level of Q1 2019.

Ripple has slumped 50% from its 52-week high of $0.783 and is down 27% over the past year.

About Ripple

Ripple (XRP) is strongly protected by the so-called XRP Army. The Army supports Ripple, which is the third most liquid asset in its strength, and will shut down any critics of XRP regardless of the validity of their inquiries or objective. As a result, their efforts have paid off and have seen XRP being embraced by Binance as its base currency.

>> Stellar (XLM) Outperforms After the Fall Earlier This Week

Equally the efforts of the army have seen a response from Skype, although that request is still being contemplated. Ripple is focused on expanding globally as a payment settlement platform. However, Marjan Delantine, the Head of Global Banking, indicates that the objective is not to outcompete SWIFT, which is already established, and other platforms but rather to complement them.

The appointment of IMF Managing Director Christine Lagarde as the head of ECB is good news for the crypto industry because she is open to cryptocurrencies and more so to Ripple (XRP). The ECB does still hold a firm stand against Bitcoin, which they say is an asset rather than a currency, but her being at the helm could bring about changes to the ECB’s crypto attitudes.

Featured image: DepositPhotos © akulamatiau