Stellar (XLM) Outperforms XRP as the Broader Market Stagnates

Stellar (XLM) has managed to outperform its rival XRP in the latest trading session. While the broader cryptocurrency market has been largely flat or in the red

Stellar (XLM) has managed to outperform its rival XRP in the latest trading session. As the broader cryptocurrency market remained largely flat or in the red on Thursday, April 13, Stellar’s quiet yet significant gains are drawing the attention of traders and analysts.

According to CoinMarketCap data, Stellar (XLM) posted a solid 3.32% increase in the last 24 hours, reaching a price of $0.243 at 07:08 ET. In contrast, XRP, the fourth-largest cryptocurrency by market capitalization, was in the red, experiencing a 1.43% drop to $2.07.

This subtle but noteworthy divergence between the two assets is something that many market observers are keeping an eye on, especially considering how unexpected it is given the broader market conditions.

Mixed Price Action In Crypto Market

The mixed price action in the crypto market has left many major coins trading flat or experiencing minor losses in recent sessions. Bitcoin and Ethereum, for instance, have barely moved in recent sessions, while popular assets like PEPE, Dogecoin, and Tron have faced losses of nearly 2%.

Against this backdrop, Stellar’s ability to stay in the green is noteworthy, especially as it manages to outpace XRP during this period.

The mixed price action comes after a report by Kaiko highlighted that the options market on Deribit, a major cryptocurrency derivatives platform, is currently skewed bearish on XRP.

The market’s implied volatility (IV) indicates that traders are looking for downside protection, which could be a sign of caution among investors. This contrasts with the overall market trend, which is showing a preference for upside surprises.

Relying on data from April 12, the report pointed out that for both Bitcoin and Ethereum, the IV is displaying a surprise potential in the positive territory, with values above 10 for Bitcoin and 15 for Ethereum.

However, when it comes to XRP, the scenario is different. The IV values are skewed towards the negative side, with ranges of -5 to -10, which suggests that traders are anticipating greater price declines than the market currently predicts.

The report also noted that the bitcoin put options are displaying a higher demand than the call options, which further indicates a bearish sentiment among options traders.

On the other hand, the stellar coin has seen better days in the last few days. The coin has posted back-to-back gains since April 16, and if the trend continues today, it will mark three consecutive days of positive price action.

While it’s too early to say that Stellar is in a sustained bullish trend, the current momentum has seen it firmly surpass XRP in short-term performance. This shift in attention will be interesting to observe as both coins continue to be juggled by a select few institutional investors.

The quiet rise of Stellar is catching the attention of many market observers, as it has proven resilient in the face of broader market weakness. However, the trend cannot be confirmed as a definitive reversal just yet.

Analysts are usually cautious about drawing long-term conclusions from just a few days of performance, but for now, Stellar’s gains are significant enough to warrant attention.