XRP holds ground against XLM amid legal uncertainty

The cryptocurrency market is always characterized by price volatility and fluctuations. In the last 24 hours, two assets, Stellar (XLM) and XRP

The cryptocurrency market is known for its volatility, and in the past 24 hours, two prominent assets, Stellar (XLM) and XRP, have experienced this to a degree, with XRP performing better.

As per CoinMarketCap data, XLM’s price is losing against XRP.

Stellar lost 3.09% of its value to trade at $0.2885 by 10:02 ET on 18 July. Comparatively, the XRP price slid by 2.43% to exchange at $2.36.

Investors backing the two different assets also pulled back following the price drop.

While XLM’s trading volume dropped by 33.60% to $188.12 million, XRP experienced more pullback. XRP’s trading volume dipped by 40.24% to $3.26 billion.

The data shows that while both assets suffered declines in the crypto market, Stellar’s losses were more related to its price outlook.

Several factors could have triggered the current sentiments in the crypto market for these assets.

Notably, some members of the XRP community expressed concern over a U.S. court’s rejection of the proposed settlement between Ripple and the Securities and Exchange Commission (SEC).

It appears that, despite assurances from Stuart Alderoty, Ripple’s legal chief, investors are exercising caution in the short term.

However, the rivalry between Stellar and XRP in price performance might swing the way of XLM.

At the current rate of decline, XLM is likely to become oversold faster than XRP. If this scenario plays out, Stellar could rebound ahead of XRP and overtake it in price growth, which might favor the lesser-ranked Stellar.

Interestingly, Stellar is set for a proper recovery, as reported by U.Today. As its technical indicators signal, the value of XLM could surge past $0.30 going forward.

Meanwhile, some investors remain bullish on XRP and its potential to bounce back. Dave Portnoy, the president of Barstool Sports, recently said he is betting on XRP becoming the next Bitcoin.