While the arrival of a bull market in the world of cryptocurrency is considered, Ripple‘s Chief Technology Officer David Schwartz pointed out a striking parallel between Ripple (XRP) and Stellar (XLM). This mentioned parallel had been the subject of high-volume rumors among cryptocurrency enthusiasts for some time.
The XRP-XLM Parallel
David Schwartz, a respected figure in the cryptocurrency sector, drew attention to the incredible parallelism in market movements of XRP and XLM as they continue on their paths.
Schwartz stated that such correlations among cryptocurrencies are not rare and linked the emerging price pattern to the broader market’s process of evaluating and pricing XRP and XLM at the same time.
This statement aligns with the fact that the cryptocurrency market is still in its early stages, where investors continuously shape their approaches and valuations towards different cryptocurrencies.
Schwartz responded skeptically to the idea that Bitcoin‘s market liquidity has a primary driving force behind this correlation.
The complexity and multifaceted nature of the cryptocurrency market make it difficult to pinpoint a single factor as the definitive cause of such trends. The statement made by the leading figure opens the way for further discussion among community members, suggesting multiple potential reasons for the manipulation of XRP and XLM prices rather than single causes.
David Schwartz’s Investigation into XRP-XLM Relationship
Another page of this discussion includes the shared history between XRP and XLM. Stellar, the creator of XLM, was founded by Jed McCaleb, who was one of the founders of Ripple in the past.
This connection is often shared with investors as a potential explanation for the observed price synchronization. However, Schwartz’s thoughts suggest that the situation could be more complex, potentially involving a mix of market psychology and historical correlations.
Looking at the latest market data, XRP was trading at $0.59986968 with a total market value of approximately $32.3 billion. In contrast, XLM was trading at $0.12008567 with a market value of approximately $3.3 billion.
Despite the differences in market size and valuation specific to XRP-XLM, both cryptocurrencies reflect a similar growth model and contribute to the spread of rumors about price correlations.
