Ripple’s XRP and rival Stellar (STR) have finally taken a pause from their relentless rallies to new highs.
XRP had continued its hot streak last week, advancing toward new all-time highs last seen in September 2013. It traded as high as 9000 satoshi ($0.0279), coming within 18% of its record near 10,600.
It has since retraced by as much as 22% to below 7000, now trading at 7560. A sizeable retracement had been in order after a streak, since it added over 1800% from summer lows.
FXTM Appoints Marcelo Spina as Global Head of PartnershipsGo to article >>
At its peak, Ripple’s XRP had a total valuation of over $860 million, one-fifth that of bitcoin.
Rival Stellar retraced by as much as 33% from new record highs of 2800 satoshi ($0.0089). It has now stabilized near 1800. Within a 72-hour window last week, it had quadrupled its bitcoin-denominated value.
Now worth over $20 million, it has advanced to fifth spot of market cap rank, its highest position ever.
With both cryptocurrencies, recent gains have by far outpaced declines in bitcoin–the denomination in which they are commonly traded–as evidenced by their increases in dollar-denominated value.