As a seasoned crypto investor with over a decade of experience in the digital asset market, I have witnessed numerous unexpected surges and crashes in various cryptocurrencies. Today’s sudden rise of XRP has once again proven that this market is anything but predictable.
Out of nowhere, the unexpected frenzy surrounding XRP in the cryptocurrency realm took everyone by surprise today. In just 24 hours, this widely-used digital asset ascended to the summit of the most lucrative cryptocurrencies available.
As a crypto investor, I’ve noticed a significant dip in the XRP market today. A massive green candle on the price chart has caused the price to drop by approximately 6%, which is substantial considering its current market cap exceeds $30 billion.
This unexpected bullish momentum on XRP is also reflected on the chart of Stellar (XLM).
Stellar (XLM) price outlook
XLM, also known as Ripple’s primary competitor, was initially designed with that role in mind by Jed McCaleb. Having departed from Ripple and the creation of its ledger (XRPL), McCaleb focused on developing a decentralized infrastructure for global remittances.
Later emerged Stellar and its XLM token, which the market viewed as a precursor or trial run for the price fluctuations of XRP.
Based on today’s market conditions, XLM experienced a gain of over 4.6% and is currently valued at $0.1 per token. This surge in value was accompanied by a significant uptick in trading volume, indicating heightened investor interest.
Based on CoinGlass’s statistics, there was a substantial increase of over 140% in daily XLM trades, amounting to approximately $91.8 million (only derivatives). When considering data from the spot market as well, we can discuss XLM’s turnover for the past day surpassing $160 million.
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2024-07-30 17:39