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.