Good morning, folks. It’s one of those mornings where you’re almost nervous to look at the markets. After a crypto bloodbath where bitcoin suffered an 11% freefall and bitcoin cash ripped itself in two, it’s like peering outside after a hurricane.
As the dust settles, two cryptocurrencies have bounced back stronger than others: Stellar Lumens (XLM) and Ripple (XRP).
Stellar (XLM) +5%
Stellar (XLM) is up more than 5% over the last 24 hours. After “flippening” EOS earlier this week, XLM has strengthened its position ahead of EOS as the fifth-largest cryptocurrency.
The price movement is supported by the recent decision to airdrop $125 million worth of XLM tokens to blockchain.com wallets. Stellar has also announced its integration with Kik, a mobile messaging service which is moving from Ethereum to Stellar to launch its own cryptocurrency.
Coingate, a payment gateway, has also announced support for Stellar, allowing people to use XLM as a payment method on e-commerce stores.
Ripple (XRP) + 3%
Among a sea of red, Ripple’s XRP token is pushing 3% higher this morning, having overtaken ethereum as the second-largest cryptocurrency.
There’s no major catalyst for the price movement other than the news that Coinbase will support XRP in its custody service. We should point out this does not mean XRP will be tradable on the Coinbase platform.
Elsewhere on the markets, IOTA is holding up well (+3%), alongside 0x (+7) following its addition to the Coinbase roster. Dogecoin (+6%) is also rising after it was reported that Dogecoin is used twice as much as Bitcoin Cash for transactions.
All prices are correct at time of publishing.
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