XRP price is up 14% in the past 24 hours as Stellar introduces new ATHTH levels
Stellar and XRP continue to rise. XRP is up 14% in the past 24 hours to $ 1.6, the highest price since Monday, and Stellar is up 12% to $ 0.79, the highest price ever.
XRP / USDT 4 hour chart. Source: TradingView
The two coins have a number of connections. Both are works by Jed McCaleb. McCaleb is one of the architects of the Ripple protocol, which uses XRP as its home currency.
In 2013, McCaleb left Ripple to focus on Stellar (XLM). Like Ripple, it’s fast, cheap, and designed as a payment network.
XLM / USDT 4 hour chart. Source: TradingView
XRP is the bigger fish. It has a market cap of $ 54 billion, more than double the Stellar’s $ 17 billion market cap.
However, Stellar has done significantly better over the past week. In the past seven days it has increased by 28.56%; XRP is only up 2.51%, according to Coinmarketcap (CMC) data.
The success of both is due in part to the market-moving tweets from Elon Musk, who bombed Bitcoin for being rude. In a single tweet this week, Musk cut the price of Bitcoin from the mid-$ 50,000 region to $ 49,000.
Both Stellar and XRP use much less energy than Bitcoin; They rely on a small number of validators to verify transactions, while Bitcoin relies on a huge network of power-hungry computers.
Other, less polluting coins have also flourished after Musk abandoned Bitcoin. Hedera Hashgraph added 16.37% on $ 0.36, Solana 15% on $ 47, Cardano 10% on $ 2.39, and Algorand 8% on $ 1.53.
Most of these coins are based on PoS, a consensus algorithm that allows holders of the largest percentage of the token offering to verify transactions.