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XLM has significantly outperformed XRP in the past 30 days, despite having a lower market capitalization.
XRP Rises on Investor Optimism
While XRP has surpassed tether (USDT) to become the third-largest digital asset, its performance over 30 days trailed behind its perceived rival, XLM. According to data from Coingecko, the U.S. dollar value of XLM surged by more than 483%, rising from $0.09 on Nov. 2 to $0.54 by Dec. 2 at 2:00 p.m. EST. During this period, it peaked at just over $0.60 on Nov. 24 before dropping to $0.42 on Nov. 27. Since then, XLM has hovered around $0.50.
Despite outperforming XRP over the 30 days, XLM’s rally translated to a market capitalization of just over $16.4 billion, placing it at number 15 on Coinmarketcap.
In contrast, XRP increased by 431%, going from nearly $0.51 to $2.70 during the same period. Before reaching a high of $2.77, XRP experienced an intraday low of $1.89 before a 40% surge. Many observers attribute the cryptocurrency’s rise to growing optimism that the U.S. Securities and Exchange Commission (SEC) may soften its stance against Ripple.
The surge also coincides with Wisdomtree’s recent SEC filing to launch a spot XRP exchange-traded fund (ETF), marking the fourth company to do so. Bitwise was among the first to file for a spot XRP ETF, submitting a Form S-1 for its Bitwise XRP ETF on October 2. Canary Capital followed suit on October 9, and 21shares filed on Nov. 1. The Wisdomtree ETF will utilize Coinbase as its prime execution agent and XRP custodian.
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