As we reported yesterday, Stellar was in the news for its nice upward movement in the 8% to 10% region, which was later turned down as the market retraced to new lows. The Ripple XRP news, on the other hand, show that XRP is stable and with a nice momentum and potential to rise soon. What many analysts have been noting, however, is the amazing competition between Stellar and Ripple.
If you ever noticed that cryptocurrencies like XLM and XRP are moving in union and posting similar gains and drops, you are not the only one.
Stellar and Ripple have many things in common. Most of all, their united jumps and drops are what makes them even more connected. As a reminder, XLM is one of the worst performers in 2019 – and so is Ripple (seen from the Bitcoin perspective). XLM and is down by nearly 75% from the 3,000 Satoshi range down to around 700 Satoshi – and the coin has also sunk from $0.11 in January and failed to rally more significantly.
The case of XLM shows that there is also a pattern in which the crypto asset often rallies along with XRP. Stellar and Ripple are more than just similar coins – the projects are unrelated but their prices move in unison. What XLM and XRP share is the support by the work of Jed McCaleb who is the former co-founder receiving a severance of 9 billion XRP tokens. However, McCaleb is limited in his selling to avoid tanking the price of XRP. Still, he has a damaging impact on the investor confidence.
As of recently, Ripple unlocked 1 billion of XRP ahead of the Swell conference, the Whale Alert profile confirmed.
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 1,000,000,000 #XRP (295,969,683 USD) unlocked from escrow at Ripple Escrow wallet
— Whale Alert (@whale_alert) November 1, 2019
In another strange coincidence, we can see that Ripple and Stellar have upcoming conferences which are slightly coinciding. The Ripple Swell conference in Singapore and Stellar Meridian conference in Mexico are happening on November 6/7 and November 4/5. As the coin calendar data shows, this is a strange coincidence.
At the end of the day, both Ripple and Stellar are solutions that aim to bring banks on board and use their system of servers. So far, the usage of the actual coins remains slow and XRP and XLM see low volumes. However, this could all change soon and both of the tokens could rise to new heights – doing that with another similarity.
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