Whales and investors from the Stellar (XLM) and XRP communities have shifted their focus to the promising altcoin Kelexo, expecting to make significant gains ahead of the impending halving of Bitcoin. Investors are looking for other ways to maximize their returns in light of the recent volatility in XLM pricing and the noticeable decline in trading volumes.
This has raised interest in new altcoins like Kelexo. Stellar (XLM) has gained 1.62% last week, indicating a cautious improvement in market sentiment about the cryptocurrency. But this increase has come at the expense of a sharp decline in trade volumes, with activity falling by more than 40%.
The decline in trading volumes points to investors’ lack of conviction, as they might be taking a wait-and-see stance in the face of continuous market volatility. Whales in the Stellar and XRP communities are shifting their focus to Kelexo.
XRP Whales Optimistic, As Investor’s Interest Diversify
Analysis on the Crypto News platform explained that given its distinctive features and value proposition, Kelexo has been a popular option for serious investors hoping to profit from new developments in the cryptocurrency space.
Whales in the Stellar and XRP communities know that Kelexo can bring in large profits in the lead-up to the upcoming Bitcoin halving. This halving is expected to happen in the coming months. It is anticipated that the halving of Bitcoin, which will cut the rate at which new bitcoins are created in half, will push up the price of Bitcoin, possibly igniting a bull market cycle and increasing demand for other cryptocurrencies like Kelexo.
Whales and investors are systematically hoarding Kelexo tokens in expectation of a spike in demand and price increase after the halving of Bitcoin. Investors hope to outperform standard cryptocurrency assets like XLM and XRP and take advantage of possible profits by getting early access to a promising altcoin with solid fundamentals.
XLM Price Uncertain As it Makes Unsteady Movement
The price of XLM has experienced a major back-and-forth movement in the past three months. XLM had a major price movement after increasing its year-to-date performance by 23%. The value of the coin also dropped by 19% in the last 30 days, hence revealing the weaker part of the cryptocurrency market.
XLM had an average price increase last week after gaining 1.62%, followed by a 40% drop in its trading volumes. The current pullback in XLM is attributed to the coin’s over-patronage by both investors and traders, as shown by the coin’s Relative Strength Index (RSI), which is currently moving towards a positive price level.
Considering the present technical indicators and market price sentiment, market analysts are expecting a future decrease in XLM market value. This relatively new altcoin has drawn interest because of its intriguing fundamentals and potential for significant gains, in contrast to XLM’s weak performance.
XRP Cooling Off, Waiting to Make A Major Come Back
The price of XRP is also slightly affected despite the fact that the price hasn’t experienced much movement recently. Analysis on the Crypto News platform stated that the XRP price movement may likely change soon, and there’s a possibility that it may witness a long price jump in the future.
Market analysts are looking at the Higher Time Frame (HTF) trade model, which shows a likely major increase in the price of XRP in no time. As of press time, the XRP price movement is making a slow yet steady price movement, assuming the shape of a triangle from it’s latest trading chart.
This is seen as evidence that the price will break out in a few days. The price of XRP increased by 115% in 2023 and is likely to maintain this behavior throughout 2024. It may take longer for it to attain the major price resistance level of $0.85. Meanwhile, as at press tine, XRP trades at $0.5258, making a 4.20% price increase. The market capitalization also had a 4.04% increase to reach $28,955,288,123 in the last 24 hours.
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