XRP, the popular Ripple-linked cryptocurrency, is currently stealing the spotlight with its enormous rally. The third-largest coin reached a new peak of $3.65 earlier today, according to CoinGecko data.
However, there is one major token that is vastly outperforming XRP. Stellar (XLM) has soared by a staggering 63% in just seven days, outstripping the rest of the market. For comparison, XRP is up by 39% over the same period of time.
XLM is currently the best-performing token in the CoinGecko top 100 on a weekly basis. Bonk (BONK) and Pudgy Penguins (PENGU) have surged by 52% and 45%, respectively, over the same period of time. Hedera (HBAR) and Algorand (ALGO) have also surged by more than 40%. XRP is not even among the top five best-performing tokens despite its highly impressive gains.
Notably, XLM, which was launched by Ripple cofounder and former CTO Jed McCaleb, tends to track the price and market cap of XRP extremely well. Ripple CTO David Schwartz previously addressed the issue, stating that he had "no idea" what specific factors were actually driving XRP's price action. However, he suggested that investors might actually put these tokens in the same mental basket due to XLM's origin.
Following its latest price surge, Stellar (XLM) is now approaching the top 10 biggest cryptocurrencies by market capitalization, boasting a market cap of $15.6 billion.
XLM briefly entered the top 10 back in early 2021. In order to achieve such a feat again, its market cap would need to more than double to edge out competitors, such as Tron (TRX) and Cardano (ADA).
Vladislav Sopov
U.Today Editorial Team