- Stellar (XLM) spiked 13% to $0.13825, mirroring XRP’s rally triggered by false claims of a BlackRock XRP ETF.
- XLM’s price movements historically correlate with XRP, showing similar trends in peaks, lows, and recovery phases.
Stellar (XLM) has recently shown a remarkable price movement that closely mirrors that of XRP, marking a 13% surge to a high of $0.13825. This price action follows closely on the heels of XRP’s rally, which was influenced by the now-debunked claims of a BlackRock XRP ETF.
Stellar Mirrors XRP’s Market Movements
XRP’s recent rally, ignited by false reports of an iShares XRP ETF by BlackRock, led to a significant 15% increase in its price. As the crypto community’s attention was fixated on XRP, Stellar’s XLM token exhibited an identical price rise, climbing from $0.12203 to a three-month high of $0.13825 in a span of three hours. This spike for XLM came after social mentions and rumors about the BlackRock XRP ETF gained traction.
However, as XRP faced a downturn following the clarification that the ETF filing was fictitious, XLM also mirrored this decline. XLM dropped to $0.11945 before rebounding slightly, showcasing the symbiotic relationship in price movements between the two assets.
The Correlation Between XRP and XLM
This recent event is not an isolated instance of XLM tracking XRP’s price movements. Historically, XLM has shown a consistent correlation with XRP. This connection dates back to the inception of the Stellar network, founded by Jedd McCaleb, one of the original creators of the XRP Ledger.
Significant moments in XRP’s market history have been closely mirrored by XLM. For instance, when XRP hit its all-time high of $3.31 in January 2018, XLM reached its peak of $0.9381 in the same month. Similarly, XLM followed XRP’s recovery trajectory in April 2021, with both tokens experiencing significant surges in their respective values.
Market Speculation and Investor Sentiment
The latest developments surrounding the price correlation of XRP and XLM have intrigued market participants, suggesting a deeper interplay between the two assets than previously understood. This phenomenon points to the influence of market speculation and investor sentiment in the cryptocurrency world, where news and rumors can have immediate and significant impacts on asset prices.
In conclusion, Stellar’s XLM token demonstrates a unique and longstanding price correlation with XRP, reflecting the interconnected nature of cryptocurrency markets. This relationship highlights the importance of investor sentiment and market speculation in shaping the trajectories of digital assets. As the crypto world continues to evolve, the dynamic between XLM and XRP remains a point of interest for market observers and participants alike.