XRP Surged %4 Thanks to Nasdaq – Ripple XRP Has Little Correlation With Bitcoin

When the price of Bitcoin started surging from the $4000 level to the $5000 level, every altcoin rallied behind. During this period, however, the price of XRP was only able to rise by a few points. It faced a strong resistance at $0.38 and has been falling lower since then. Now, the latest research can put the minds of every digital asset investor on the XRP rich list to rest.

According to research which is done by Binance, they discovered that there is a lockstep movement between the price of Bitcoin and Ethereum but not XRP. The researchers analyzed the weekly returns from the top 30 cryptocurrencies (stablecoins excluded) within a 12-month period. Using the data, the researchers constructed a correlation matrix to work out the clustering. Bitcoin and Ethereum had high weekly returns of about 0.87 per correlation. XRP, on the other hand, used to be 0.875 about two months ago but is 0.53 now. This means that the correlation between XRP and any other top coin with a market capitalization that is above $3 billion has dropped significantly within this period.

Binance researchers subsequently referred to XRP as the best diversifier among the top cryptocurrencies. So, if you’re looking for an opportunity to expand your portfolio, XRP may be a good idea. Since it is not strongly correlated to the price of Bitcoin, accumulating XRP might be a good way to avoid the bear grip when the price of Bitcoin falls. On the other hand, there might be a disadvantage. Since the correlation between XRP and Bitcoin is low, a spike in the price of Bitcoin and other cryptocurrencies may not lead not a significant spike in the price of XRP as seen in April. So, a digital asset investor who is looking for quick returns may not be patient enough to be on the XRP rich list.

Ever since the inception of cryptocurrencies, Bitcoin has always had a close relationship with altcoins. However, XRP seems to have broken the chains and has now become the best diversify. Recently, in almost every XRP news, XRP price prediction 2019, or any XRP prediction 2019, the XRP technical analysis reveal that the price of XRP moves independently of Bitcoin and Ethereum. A typically example is the XRP technical analysis in April.

XRP Price Prediction 2019 – XRP Current Price

XRP (XRP) Price Today – XRP / USD

Name Price24H (%)
XRP (XRP)
$0.191627
-4.43%

For weeks now, the price of XRP has been stuck in a descending trendline. It has been unable to move up and it finally lost the support at $0.30 which it held for a long time. It is important that the price of XRP regains this support to prevent more declines against the USD near-term.

Ripple XRP News Today – Nasdaq to Add XRP Liquid Index

According to the latest XRP news on CCN; Nasdaq exchange is adding Brave New Coin’s XRP Liquid Index tomorrow, sending crypto traders into a bull frenzy. Within an hour of the announcement, XRP had surged by about 4%.

The announcement comes within months of Nasdaq adding Brave New Coin’s (BNC’s) Bitcoin and Ethereum Liquidity Indexes – BLX and ELX. They are all part of the Nasdaq Global Index Data Service.

The launch of crypto indices is clearly significant because it plays right into the mass adoption of cryptocurrencies. Institutional traders who may have been on the sidelines are being drawn into the space with the launch of each index.

The BNC XRP index addition will allow users to track the price of XRP “with far greater transparency than before,” Nasdaq boasts. With a market cap of roughly $12 billion, XRP is currently the third-largest crypto asset behind bitcoin and Ethereum.

According to the Nasdaq press release:

“The XRP Liquid Index (XRPLX) to meet the marketplace requirement for a single, reliable and fair USD price for XRP — based on live real-world trading activity. The index is designed to report a market price at which liquidity could enter or exit an XRP position.”

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Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.