Over the last 24hours xlm has finally reached major double support area . EWT also lines up not to mention the 3 touch bullish divergence . A lot of alts have reached important levels these last few days and btc has also successfully retested the 41670 support. This is a warning for whats to come. This analysis holds true as long as buyers hold control off this support for the remainder of the day.
XLM in Jan 2020 was higher price than XRP during the panic sell liquidity event and has massively underperformed against XRP since then, despite IMO having a better business model, less supply, less friction to adoption and major global partners in world banking and CDBC's any idea why?
mfibbs
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@40Double, To answer your question, I would say because of marketing. Also because of the $3.20 run up in 2017-2018. Larger following and community due to people not really understanding what Xrp is and associating it with Ripple, as if they are buying shares in the company. Tons of clickbait youtube videos that pump xrp with unrealistic short term targets. Last but not lease, people here the word banks and they automatically think tons of $$$ from banks will pump the xrp price long term even though it has the 99 billion supply. People are just stupid IMO.
40Double
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@mfibbs, I agree it has a cult like following yet I don't understand why and it's the antithesis of the Satoshi vision. Stellar seems to be much better positioned for global remittance market, has half the supply and backed by big industry blue chips yet receiving none of the hype. What is your opinion of Stellar/XLM?
mfibbs
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@40Double, I believe Xlm/Stellar is one of the sleeping giants of original alts. It's chart pattern is behind a lot of the others. I truly believe that XLM has it's wave 3 of 3 coming in the near future. It's use case is far more relevant than some of the other alts that had there price rise at a faster rate. Cardano, Doge, Decentraland had there moments and I believe that if we are patient, XLM will surprise many. With a 23 billion supply and an 89 billion dollar market cap, which is where DOGE was at it's all time high, that would give us a $6 XLM which is more than possible and very realistic.
VajraV
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@mfibbs, every time I hear DOGE and SHIBA I have a massive urge to slap Elon. Any time frame speculations on the 6$? This year?