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HomeCrypto NewsMarketAnalyst Says XLM Is Moving in Lockstep With XRP

Analyst Says XLM Is Moving in Lockstep With XRP


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It is worth noting that there are significant links between both crypto assets.

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EGRAG CRYPTO, a prominent XRP perma bull, has asserted that XLM has a significant price correlation with XRP.

The analyst disclosed this in a tweet yesterday, pointing out that the price difference between both assets is usually within a 30 to 40% range. Consequently, he predicts that a higher XRP price will likely lead to a higher XLM price.

It is not unusual for crypto assets to move in tandem, as higher Bitcoin prices often lead to a broader market rally. However, noting the average percentage price difference between the two assets with significant links and similarities is interesting. EGRAG using an average price difference of 35%, places XLM at $1.05 if XRP surges to $3 and $9.45 if XRP surges to $27.

Meanwhile, despite EGRAG’s analysis at press time, XLM is trading 76.5% lower than XRP at $0.09058, with an over 400% price surge required to reach XRP’s price of $0.3856.

It bears mentioning that Jed McCaleb developed the Stellar network, which hosts the XLM token. Notably, McCaleb was also one of the founders of Ripple, with a stint as the company’s chief technology officer, just as he currently is at Stellar. Like XRP, Stellar also touts XLM’s capabilities as a bridge currency.

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Recall that EGRAG predicted that XRP would kick off a bull run on July 1. The analyst arrived at this prediction by pointing out that the previous XRP bear market lasted 27 months from 2014 to 2017. The XRP perma bull has since revealed that the target of this potential price run is the $80 price point, which following his analysis, should come around May 2024.

However, all of this depends on history repeating itself.

In the short term, the analyst pointed out that the asset faces resistance at the 300-moving average. According to EGRAG, the 50-moving average, which traders usually use to identify short-term trends, crossing the 300-moving average upward would present a strong buy signal.


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Okoya David
Okoya David
Okoya David Kio is a crypto enthusiast passionate about understanding what makes the nascent market tick. When he's not pondering about cryptocurrencies, you might find him in a BP debate room trying to proffer solutions to age-old societal problems.

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