Ripple Rival Stellar (XLM) Benefits from XRP’s Recent Run with 17% Weekly Gains

Ripple’s rival Stellar (XLM) seems to be benefiting from the recent XRP price run as it is currently posting 17% weekly gains. At the time of publication, Stellar (XLM) is trading at $0.119, up 4.91% in the last 24 hours and 17.19% in the past week. XLM currently ranks as the 25th largest cryptocurrency with a market capitalization of $3 billion.

As reported by U.Today, XRP’s price rose more than 35% in the past week against the background of top cryptocurrencies such as Bitcoin and Ethereum, which recorded significant weekly losses. At the time of publication, XRP was changing hands at $0.439, up nearly 10% in the last 24 hours and 35.18% weekly, per CoinMarketCap data.

Top 100 @CoinMarketCap 7 Day Gains 🚀

🥇 Chiliz $CHZ +25.3%
🥈 XRP $XRP +18.8%
🥉 Helium $HNT +17.1%
4. Algorand $ALGO +15.9%
5. ApeCoin $APE +15.7%
6. Stellar $XLM +8.2%
7. Quant $QNT +5.1%

Which #Crypto are you most bullish on? pic.twitter.com/TA6m84QgGt

— 🥷 Gokhshtein Media (@gokhshteinmedia) September 22, 2022

According to on-chain analytics firm Santiment, two factors might have contributed to XRP’s recent rise: increased trader optimism and high whale movement. Trader optimism increased amid positive developments in the ongoing Ripple lawsuit. In a 2020 suit, the SEC accused Ripple and its top executives of selling unregistered securities.

The case could impact hundreds of other digital coins, including XLM, and it is anticipated that it will help define the commission’s ability to regulate cryptocurrency assets.

For the first time in August, Grayscale indicated that ZEC, ZEN and XLM “may currently be a security, based on the facts as they exist today,” which marked a significant shift from its position in May and June that the trio would eventually be regarded as securities.

Grayscale stated then that it was “responding” to SEC officials from the Division of Corporate Finance and Enforcement, the investigation branch that lately increased its oversight of cryptocurrencies.

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