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The price of Stellar ($XLM) has been on a tear in recent days, and analysts are watching to see whether $XRP will follow suit.
In a tweet, analyst Kevin Cage asked whether $XRP could be preparing for a breakout similar to $XLM’s recent rally. He highlighted the historic correlation between the two assets.
“Will $XRP follow $XLM in June? Normally they’re correlated,” Cage wrote while sharing side-by-side TradingView charts of both cryptocurrencies.
Key Points
- $XLM jumped 41% this week, sparking speculation that $XRP could soon follow with a similar breakout.
- Analyst Kevin Cage pointed to the long-standing price correlation between $XRP and $XLM.
- While $XLM surged on strong momentum, $XRP remains stuck below key resistance despite positive market news.
- Some analysts expect $XRP to rally 30% to 35% by June, potentially pushing the price toward $1.76.
$XLM Surges 41% While $XRP Lags
The charts showed $XLM posting a strong breakout after months of sideways trading. Specifically, Stellar jumped more than 22% in a single day today, extending its weekly gains to 41%. This has pushed its year-to-date performance back into positive territory at 3.7%.
$XRP, however, has continued to trade within a tighter range near $1.31 despite a modest 2.54% daily increase. CoinMarketCap data show $XRP is down 3.8% over the past week, 5.62% over the past month, and 28.5% since the start of the year.
Why Traders Compare $XRP and $XLM
$XRP and $XLM have long been viewed as closely connected assets within the crypto market due to their shared focus on payments and cross-border transfers.
Because of that relationship and shared origin, traders frequently monitor one token for clues about the other’s potential price direction. Historically, rallies in $XRP have sometimes been followed by similar moves in $XLM, although not always at the same pace.
Kevin Cage’s comparison has therefore suggested that $XRP could attempt a delayed breakout if buying momentum continues across the broader market.
Momentum Divergence Raises Questions
The TradingView charts also highlighted a sharp difference in momentum between the two assets.
$XLM’s relative strength indicator surged alongside price action, signaling aggressive buying pressure. $XRP’s momentum, meanwhile, remained comparatively weak as the token continued consolidating below key resistance levels.
Some commentators believe $XRP may need a stronger catalyst before matching $XLM’s move.
Commenting on Kevin Cage’s post, veteran trader Corey Blake remarked that $XLM normally follows $XRP, so this situation would be the inverse. He added that he is curious to see how it plays out this time.
Meanwhile, X user Ricardo Jean remarked that $XLM surged on just one piece of good news, while $XRP, despite countless positive developments, can barely stay up. Jean’s remark referred to the DTCC-Stellar announcement this week regarding collaboration on tokenization and building a more interoperable financial system.
Will June Be $XRP’s Catch-Up Moment?
For now, traders are closely watching whether $XRP can follow the path $XLM has already taken.
Some analysts are calling for a 30% to 35% upside for $XRP by June, which would put the $XRP price around $1.76. While significant, the coin would still remain in the red year-to-date, but the momentum could open the door for a retest of $2.
