Stellar Lumens (XLM) was the among the only winners in top 10 major cryptocurrencies on Wednesday with its 5.9% gain. It outperformed Cardano by almost 3%, while Ripple’s XRP didn’t quite impress the market participants with its 0.36% gain. How do the two cryptocurrencies compare?
Comparing Stellar and Ripple on the Charts
XLM’s gains on Wednesday is particularly noteworthy from a technical point of view. Looking at XLM’s price action versus the USD on the daily chart, you’d notice that it broke above the daily Ichimoku cloud for the first time since July 2018. Wednesday’s gains also tested a key pivot and 23% Fibonacci retracement level of 0.2456. The combination may have opened doors for further gains to key resistance levels of 0.2878 and 0.3202.
XLM/USD Ichimoku analysis – Stellar Lumens vs. U.S. dollar
Meanwhile, as I covered a few days ago, Ripple’s price is already above the daily Ichimoku cloud, and the door for further gains already opened on September 20th when XRP started a new uptrend.
Ripple’s XRP is now supported by the Ichimoku cloud, and even though it began to pull back on Tuesday, it still hasn’t shown signs of a bearish reversal.
Ripple (XRP) Ichimoku Analysis
Stellar versus Ripple Fundamental
On the fundamental side, some crypto enthusiasts have started to wonder if Stellar is prepping to go head-to-head with one of its main competitors, Ripple. Both Stellar and Ripple are focused on providing the same blockchain-driven solutions, which is to provide a fast, safe, and cheap global transaction. However, beating a company like Ripple who has over 120 financial partners is no easy task.
Stellar Lumens is currently ranked number 6 on the market cap list with a market capitalization of around $4.5 billion, while Ripple is number 3, with a market cap of over $18 billion.
