- Stellar (XLM) price climbed to its highest since April 2022, hitting a high near $0.20.
- XLM’s excellent performance followed XRP’s astonishing 87% rise in less than 3 hours.
- XRP is Ripple’s token and a judge has just declared it is not a security.
Stellar (XLM) prices surged nearly 70% on Thursday as the bulls broke through long-term resistance and traded at prices last seen in April 2022.
Today was the trigger ripple news.
Star prices skyrocket due to rising XRP
XLM price surged to a high near $0.20, reflecting the broader crypto market’s upswing after one of the biggest news events in crypto history.
This comes after Ripple, the company that developed the XRP coin, won against the U.S. Securities and Exchange Commission (SEC). As reported by CoinJournal, the legal battle is over a lawsuit filed by regulators against blockchain companies over claims that XRP is a security.
But on Thursday, Judge Annalisa Torres of the United States District Court for the Southern District of New York ruled in favor of Ripple in summary judgment. The judge’s ruling effectively declared XRP not a security.
The market reaction to the news was swift, with buyers sending XRP close to $0.95, the highest since December 2021.
Elsewhere, Stellar’s XLM was the top performing altcoin, with its price soaring close to $0.20. Other top performers were Cardano (ADA), Polygon (MATIC) and Solana (SOL). Bitcoin traded at new year-to-date prices, as did Ether above $2,000.
In the case of altcoins, Ripple-fueled sentiment has helped slow some of the downward pressure that permeated the market after the SEC declared the token a security in its lawsuits against Binance and Coinbase.
XLM Price Outlook
With XRP eyeing $1, XLM is aiming to move higher. These two cryptocurrencies, which have a lot in common in terms of historical overview and market performance, are the most profitable today.
XRP could see another explosion in the next few days, and the upward momentum could spill over to the XLM price. On-chain data shows that the price of XRP rose significantly after the court decision boosted whale activity.this as a market witnessed A surge in volume.
If XRP price rises above $1, Stellar’s native token could target $0.24 and even $0.40. On the downside, the main support remains at $0.073.