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The XRP mania that emerged out of the blue today was a complete shock to the cryptocurrency market. Within 24 hours, the popular cryptocurrency climbed to the top of the list of the most profitable digital assets on the market.
Looking at the XRP price chart, you can see a huge green candle that took the price down 6% in a moment today, which is quite a lot for an asset whose capitalization was already over $30 billion.
Alex DovbnyaThis unexpected bullish momentum on XRP is also reflected on the chart of Stellar (XLM).
Stellar (XLM) price outlook
XLM is often referred to as XRP's rival. The fact is that it was originally conceived that way by Jed McCaleb, who left Ripple and the development of XRPL to create a decentralized ecosystem of cross-border transfers.
Then came Stellar and the XLM token, which the market perceived as a kind of beta for XRP's price action.
On the back of today's market position, XLM also rose over 4.6%, reaching $0.1 per token at the moment. The increased interest in the token was also reflected in a sharp increase in token trading volumes.
Gamza KhanzadaevAccording to CoinGlass data, XLM trades grew by more than 140% over the past day to total $91.8 million. This is only derivatives, and if we take into account the data from the spot market, we can talk about a turnover of XLM of more than $160 million for the last day.
Denys Serhiichuk
Alex Dovbnya