XRP, XLM, LTC: Top Cryptocurrencies to Watch This Week

The global cryptocurrency market has had a remarkable surge, with the market capitalization climbing by 16.3% last week, hitting a new record of $3.2 trillion. This rally added a staggering $430 billion in value to the crypto space. Bitcoin (BTC) led the charge, hitting an all-time high above $93,000. However, there were several other standout performers that caught the attention of investors. Let’s take a closer look at XRP, XLM, and LTC, which made significant moves last week and are worth keeping an eye on this week.

XRP (Ripple): Reclaims $1

After lagging behind during the initial stages of the broader market uptrend, XRP staged a stellar rally last week, making a stunning comeback and surging by 100%. Here’s a breakdown of XRP’s performance:

• Price Movement: XRP began the week trading below the $0.60 mark, and after a slow start, it surged past $0.60 on November 11. By November 16, XRP broke through the $1 barrier, reaching a peak of $1.26—its highest point in three years.
• Pullback and Support Levels: After hitting its peak, XRP faced a pullback, closing the week at $1.12. If the pullback continues, the upper Bollinger Band around $0.9980 will act as a crucial support level to watch. A drop below this could indicate further downward pressure.

Outlook: XRP is showing strong recovery, and despite the pullback, it remains above the $1 mark. Traders should keep an eye on the Bollinger Bands and monitor for any signs of a continuation or further retracement.

XLM (Stellar): Soars 115%

Like its sibling XRP, Stellar (XLM) had a standout week, posting a 115% gain, making it one of the top performers last week. Here’s what drove XLM’s impressive rally:

• Rally and Momentum: XLM saw a 50.95% increase on November 16, driven by a breakout above the upper boundary of the Keltner Channel. This breakout propelled the price past the $0.13 mark, attracting traders and investors alike.
• Decline and Key Support: Despite the strong rally, XLM has faced a 12% decline early this week. Additionally, the Relative Strength Index (RSI) dropped, signaling weakening momentum. However, the RSI remains at 75, indicating that it’s still in oversold territory, meaning there’s potential for another push higher as long as it maintains support above $0.1693 (the upper Keltner Channel boundary).

Outlook: XLM remains in a bullish trend for now, but the current decline suggests that traders should be cautious of a potential pullback. Watching for support levels around $0.1693 will be critical in determining if the rally has more legs.

LTC (Litecoin): Eyes on $100

While Litecoin (LTC) initially lagged behind the broader market rally, it gained momentum later in the week and achieved notable price action, reaching its highest level in seven months. Here’s a breakdown of LTC’s performance:

• Price Action: Litecoin started the week at around $70, spiked to $80 on November 11, and then briefly retraced to $71. However, LTC quickly recovered, breaking through the $90 mark for the first time since May, peaking at $98 on November 16.
• Resistance and Support Levels: Despite hitting $98, LTC faced resistance at the $100 level, which halted its rally. The token ended the week with a solid 29% gain, but it’s down by 8.36% this week. Traders should watch the 38.2% Fibonacci retracement level at $85.64, as it acts as immediate support. If LTC fails to hold above this level, the next line of defense is at $81.57.
• Key Resistance: For bullish momentum to resume, LTC will need to clear the $90.67 mark. This could signal a push toward $100 and beyond.

Outlook: Litecoin’s strong social media presence and growing community sentiment have contributed to its recent surge, especially as rumors about a pivot to meme coin status have sparked interest. However, it faces stiff resistance at $100. Traders should monitor the $90.67 level closely for signs of a breakout.

This week, XRP, XLM, and LTC are among the key altcoins to watch. Each of these tokens has shown impressive gains and presents unique opportunities for traders:

• XRP is showing strong potential as it holds above $1, but traders should watch for a possible pullback and look for Bollinger Band support.
• XLM had a stellar rally last week but is facing some weakening momentum. If it holds key support, it could continue to build momentum.
• LTC is knocking on the $100 door, with social media buzz fueling its recent rise. Keep an eye on $90.67 for a potential breakout.

As always, it’s essential to manage risk, particularly with such volatile assets, but these altcoins are showing signs of continued growth, making them worth tracking this week.