XRP and XLM: Unusual Correlation Emerges
On Monday, a false BlackRock XRP ETF filing caused XRP’s price to surge before quickly reversing. Despite the news being XRP-specific, an interesting correlation emerged between XRP and XLM’s prices at the time.
XRP And XLM Correlation Balloons
Following the rumored BlackRock filing, a crypto analyst noticed a significant correlation between XRP and XLM. The price of XLM surged just as the news broke and fell when the debunking of the news caused the XRP price to drop.
In another post, it was revealed that XLM had followed XRP’s move in a 2-second timeframe. A chart shared with this post showed both assets’ movements happening at almost the same time.
Running A Similar Race
The correlation between XRP and XLM has always been evident in their price movements. One user reasoned that this correlation was because both digital assets share the same holders.
Crypto Bilbuwoo has also closely tied the performance of XLM to that of XRP, expecting both assets to move toward new all-time highs in the same fashion. The analyst predicts a 6,500% surge for both assets by the end of December.
Hot Take: The Curious Case Of XRP And XLM’s Sudden Surge
Despite their shared holders, Blockchain Backer finds Monday’s simultaneous pump strange as he believes “those same holders would have dumped XLM for XRP. Not fomo bought XLM on that news story.” However, another user explains that some influencers have peddled a narrative for years that considers XLM and XRP as brother and sister, making logical sense with that narrative.
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