Stellar (XLM) Is Making Quiet But Significant Moves, Pulling Ahead of Rival XRP

Stellar (XLM) is making quiet but significant moves on the crypto market, pulling ahead of rival XRP in the latest 24-hour trading session.

Crypto traders are closely following the latest price action in the crypto market, noting that Stellar (XLM) pulled ahead of rival XRP in the latest 24-hour trading session.

According to CoinMarketCap data, XLM is up 3.32% in the last 24 hours to $0.243, remaining in the green while XRP traded in the red, down 1.43% in that time frame to $2.07. This subtle divergence in price action is catching the attention of traders and analysts.

As the broader crypto market price action remained mixed, Stellar’s ability to stay in green while several other crypto assets traded in red is noteworthy. Bitcoin and Ethereum traded flat, and crypto assets such as PEPE, Dogecoin and Tron posted losses of nearly 2%.

XRP, the fourth-largest cryptocurrency by market cap, despite a boost in fundamentals, has seen limited price action this week.

What's happening?

XRP remains one of the most applied-for assets for ETFs and is also among the most liquid, given underlying market dynamics and the recent launch of a 2x XRP ETF position XRP ahead of other assets for approval. However, the Deribit-listed options market does not share this optimism.

According to Kaiko, despite these positive tailwinds for XRP, the options market on Deribit is skewed bearish. The IV smile for the April 18 expiration is skewed heavily to the left, signaling demand for downside protection.

[Chart: Kaiko]

As seen in the chart above, the options market is skewed bearish, and the chart shows a lack of interest in Mena Growth's IV at higher strikes. This is despite the fact that the asset is poised for gains.

XRP has steadily declined since reaching highs of $2.246 on April 13 and has marked four out of five days in losses since this date. XRP is currently trapped in consolidation around $2, while others, such as Stellar, are gaining short-term momentum.

Stellar has risen for two consecutive days since April 16 and would mark the third day of gains if today concludes in green. However, the trend of XLM firmly surpassing XRP has yet to be established, as this cannot be determined just from a few days of price change.

As the market waits for its next big move, Stellar is proving it is still very much in the race, and it is currently outpacing XRP.