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In recent weeks, cryptocurrency markets have been on a roller coaster ride, driven by volatility and pump-and-dump schemes. Nowhere is this more evident than with the third largest cryptocurrency token by market cap, Ripple (XRP), whose rally has been mirrored by a new up-and-coming challenger — Stellar (XLM). As XLM’s price marches steadily upward, it is quickly closing the gap on XRP’s recent gains — a phenomenon known as the “ripple effect”. In this article, we will take a closer look at how XLM is catching up to XRP price gains, as well as what this could mean for the future of both tokens.
1. Ripple Gains Compared to Stellar (XLM)
Since its release in 2012, Stellar (XLM) has become a well-recognized member of the cryptocurrency space. This article will compare Ripple (XRP) with Stellar to help you decide which of these two technologies is right for you.
Price Difference
Ripple and Stellar have both seen large gains over the past year, with Ripple up over 1800% and Stellar up over 600%. However, Ripple is currently worth more than Stellar, trading at $1.65 per coin compared to Stellar’s price of $0.45 per coin. This difference in price is mainly attributable to Ripple’s broader user base and larger market capitalization.
Transaction Volume
Both Ripple and Stellar have seen strong growth in their transaction volumes over the past year. Ripple’s transaction volume has grown by over 600% in the past year, while Stellar’s has grown by over 900%. In terms of actual transaction size, Ripple is still on top, with an average of $31.1 million worth of XRP being traded per day compared to Stellar’s $13.6 million.
Number of Partnerships
Ripple and Stellar have both seen a number of high-profile partnerships over the past year. Ripple has been partnering with banks and payment companies such as American Express and MoneyGram, while Stellar has partnered with IBM and Deloitte. Ripple’s larger user base, higher transaction volume, and more partnerships have helped it remain the more beneficial platform for investors.
2. What is the Ripple Effect?
The ripple effect is an example of the butterfly effect in which a relatively small change can have a major impact. The phrase has been used in various business contexts, and has been extended to other areas such as technology and finance.
In economics, the ripple effect occurs when the initial expenditure of money has a secondary and tertiary effect on other parts of the economy. This can be positive or negative, resulting in either increased spending or decreased investment. A decrease in spending is usually attributed to a reduction in wages or employment. For example, if a business decides to reduce its workforce due to a decline in profits, it would cause a ripple effect on other parts of the economy, such as reduced spending on consumer goods, which would have a domino effect on the entire economy.
Ripple effects also occur in technology, as when one company’s advancement of a technology, such as artificial intelligence, affects its competitors, forcing them to respond in some way. In finance, it is the same concept, but in a stock market context. A small change in price or earnings of a company can have a ripple effect, resulting in fluctuations in the market as other companies respond to the initial change.
- In economics: Initial expenditure has a secondary and tertiary effect on other parts of the economy which can be positive or negative.
- In technology: A company’s advancement of a technology can have a ripple effect on its competitors, forcing them to respond.
- In finance: A small change in the stock market can have a ripple effect resulting in fluctuations as other companies respond.
3. How Stellar (XLM) is Catching Up to XRP
The battle for dominance in the cryptocurrency market is a continuous one, as many digital currencies are vying for the ‘number two’ spot after Bitcoin. Stellar (XLM), and XRP are two of the digital currencies vying for that spot, as they both have grown exponentially since 2018. Here is .
Transaction Speed – Stellar (XLM) is catching up to XRP when it comes to transaction speed. XLM has always had a much faster transaction speed compared to Bitcoin. Its consensus algorithm was built with the intent of enabling faster transactions, and now, XLM transactions now reach speeds of 3-5 seconds. XRP is quicker; however, with its settlement times of four seconds.
Cost – One of the advantages that Stellar had over XRP is the cost of transactions. XLM’s network fees are much lower than XRP’s, with users typically only paying about 50 XLM (around $0.10) per transaction. The cost to transact on the XRP network is substantially higher; with fees ranging from 10 XRP (around $2.25) to as much as 1000 XRP (around $225) per transaction.
Adoption – One of the most important aspects in any digital currency’s success is the level of adoption it’s gained from the public. In this regard, XRP has been increasing steadily over the past few years, with some of the world’s largest companies such as American Express, MoneyGram, and Santander Bank, already leveraging its platform. On the other hand, Stellar is only just beginning to see the level of adoption that XRP has, with startups such as Smartlands, Sureremit and ChainZilla beginning to adopt the Stellar blockchain.
4. What Does the Future Hold for Both Cryptocurrencies?
Cryptocurrency has gained traction in recent years, and although it may not be a mainstream form of payment just yet, it looks set for a bright future. Here’s a look at what the future may hold for the cryptocurrency world:
Increased Adoption
Currently, a small, albeit growing, number of businesses and communities accept cryptocurrencies as a form of payment. As more and more entities recognize the security and stability of blockchain technology, they will likely embrace cryptocurrencies, making them a more feasible and mainstream option.
Government Regulations
Governments are also playing an important role in controlling how cryptocurrencies can be used and traded. For example, in Japan, regulations have been introduced that aim to provide a secure framework for digital currencies. As regulations become more commonplace, they may help to bring greater credibility to the industry and increase public interest in cryptocurrencies.
Enhanced Technology
The technology behind cryptocurrencies is constantly evolving. This includes things such as improved security and a higher capacity that will make it possible for more adopters to use the system. Additionally, following developments in virtual and augmented reality, new gaming and educational platforms may take advantage of these technologies to create interactive cryptocurrency experiences.
- Increased Adoption
- Government Regulations
- Enhanced Technology
The potential for both Ripple and Stellar to make waves in the financial market looks immense. Ripple has been a staple cryptocurrency used for real-time payments for years, but Stellar’s success in catching up with it is building up excitement across the crypto world. As more and more companies, banks, and individuals discover the benefits of blockchain, it’s important to take note of Ripple and Stellar’s usage and their increasing presence in the crypto market.