It was quite a sight to see Stellar Lumens (XLM), the digital backbone of the cross-border payments-focused Stellar Network, catapult on Thursday. The impetus came from an American judge’s ruling that XRP does not meet the strict criterion necessary to be listed as a security. As a result, XRP saw an eye-watering increase of over 70%, capturing a one-year high, and had a significant domino effect on XLM, which experienced a substantial 60% surge.
A possible key to understanding this intensifying correlation between the two could be traced backed to Ripple co-founder Jeb McCaleb, who also launched the Stellar Network in 2014 – two years after Ripple issued XRP. Some enthusiasts suggested that XLM’s striking rally epitomizes the awakening of the altcoin market. Whichever way you choose to interpret it, it’s undeniable that XLM enjoyed a noticeable ascent, trading above $14 per token.
Although Friday witnessed a some profit-taking activity which slightly dampened XLM’s price, the bulls appear to maintain firm control. The expectation is that, given the continuing robust performance of XRP, XLM may maintain its high spirits in the weeks and months to come. It’s noteworthy that XLM was successful in scrambling past two major resistance zones during Thursday’s rally.
However, Stellar Lumens still has some ground to cover if it aims to rival XRP. With a market cap of nearly $4.0 billion, which is just shy of a tenth of XRP’s whooping $40 billion market cap, XLM has its work cut out. Nevertheless, growth rates in the Stellar Network have been impressive, exhibiting a sharp rise in processed operations over the recent years. That being said, XRP seems to have maintained its level over the same period, which, coupled with the projected increase following the SEC’s lawsuit against Ripple, could make Stellar’s attempt to catch up challenging.
But amid this intense race of cryptos, another player, Wall Street Memes (WSM), has managed to snag the spotlight. WSM seems to offer a promising prospect for those who have a higher tolerance for risk and eyeing near-term winnings. Backed by a robust funding of $14.7 million over a month, and a burgeoning community of over 1 million members spread across wallstbets Instagram account and other social media platforms, Wall Street Memes looks set to be listed on top-tier crypto exchanges like Binance. When that happens, it’s anticipated to trigger a considerable buzz in the market worth watching.
Source: Cryptonews
