thecryptobasic.com
Stellar (XLM) has continued to mirror the price movements of XRP, recently spiking 13% to a high of $0.13825 on the back of XRP’s rally following the false claims of a BlackRock XRP ETF.
As The Crypto Basic recently reported, the claims of BlackRock launching an iShares XRP ETF recently dominated the crypto community, leading to increased buying pressure for XRP. The asset surged 15% within two hours to a four-month high of $0.74.
XLM Mirrors XRP’s Spike
While the attention remained on XRP, XLM strangely registered an identical price increase at the same time with XRP. XLM changed hands at a low of $0.12203 before social mentions of the report gained steam. As these mentions increased, the asset rallied with XRP to a three-month high of $0.13825.
The last time XLM saw this price territory was in August. Notably, this upsurge marked a 13.2% increase in the space of three hours.
However, as XRP slumped, XLM recorded a similar price decline, another testament of the price correlation between both assets. After hitting the $0.13825 high, XLM collapsed to a low of $0.11945 before immediately witnessing a comeback from the bulls that saw it recover some of the losses.
Meanwhile, XRP is still witnessing declines from the ensuing selling pressure after market participants learned that the BlackRock XRP ETF filing was fake. Amid fierce resilience from the bulls, XRP is only observing a minor 0.26% drop over the past 24 hours.
Nonetheless, XLM records a more substantial decline, down 3.03% within the same timeframe. Stellar currently changes hands at $0.11990 as of press time. Like XRP, XLM is seeing a massive spike in 24-hour trade volume, up by a whopping 39% to $223,337,423.
XRP and XLM’s Historical Price Correlation
Besides the recent swings and lows, XLM has a historical price correlation with XRP. This correlation has persisted since Jedd McCaleb, one of the original architects of the XRP Ledger, launched XLM as the native token of the Stellar network.
XRP’s most pivotal price movements, including its peaks and lows, have been replicated by XLM over the years. Recall that XRP rallied to the all-time high of $3.31 in January 2018. In response, XLM also rallied to its all-time high of $0.9381 in January 2018.
When XRP collapsed from the ATH, XLM recorded a similar decline. In addition, XRP witnessed a recovery campaign that saw the asset surge to a high of $1.9669 in April 2021. Stellar faced an identical recovery campaign, soaring to a three-year peak of $0.6900.
Notably, XRP’s most recent spike to $0.93 in July was also replicated by XLM, which surged $0.1960 that month. Amid XRP’s correction, Stellar also saw a retracement. The latest development surrounding both asset’s price correlation has stunned market participants, who suggest there might be more than meets the eye.