As the crypto market is experiencing some shifts, a crypto trader is anticipating that the Stellar XLM price will likely witness a growth of about 37 percent before reaching close to resistance. Whilst the crypto community is debating about the latest token burn.
On the 5th of November, the price of Stellar Lumens unexpectedly soared up to 20 percent, followed by a $55 billion Stellar XLM token burn. Interestingly, this burned amount is almost 50 percent of the entire supply. The crypto community is still trying to figure out the exact cause of this sudden coin burn.
Meanwhile, @imBagsy, a crypto trader on his twitter handle, stated that the Stellar XLM price is expected to experience another surge of almost 37 percent before it reaches close to its first horizontal resistance.
$XLM Weekly:
I'm expecting another +37% out of this before we start reaching some significant horizontal resistance, keep an eye on it. pic.twitter.com/uBs10HDFTH
— Bagsy (@imBagsy) November 5, 2019
Disappointment for Stellar XLM price to XRP fans
Ripple community’s prominent member @XrpCenter on his twitter handle expressed disappointment at this current state of the XLM and stated that this situation is perhaps unfair for the XRP holders.
After the elimination of half of the entire XLM supply by Stellar, the price instantly soared, whilst XRP’s price has not been moving upwards much, even though there have been various collaboration and utility cases for the XRP.
Crypto markets are still irrational and driven by highly-centralized manipulative actors.
Stellar burns 55B XLM without pointing to any clear motivation or long-term strategy whatsoever, and its price rises 20% immediately.
XRP shows actual utility and price remains stable.
— XRP Research Center (@XrpCenter) November 7, 2019
Though there have been numerous forecasts of price surging of XRP, as soon as the Swell event begins in 2019 on the 7th and 8th of November in Singapore, the coin price would likely remain in red without any sign of the bulls taking over the bears.
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