The prices of two cryptocurrencies, XLM and XRP, have been displaying striking similarities in their price structures since February.
Both assets established major lows in February and have been trading within a defined range above these lows since then.
XLM recently broke down from its range structure, retesting the February lows before reversing sharply with strong volume. This move was accompanied by a sharp increase in buying pressure and a significant shift in short-term sentiment for XLM.
While XRP has followed a similar pattern but with a delay, traders are now watching closely to see if it will replicate XLM's sequence of breakdown, retest, and strong reversal.