A new research report by Binance has stated that XRP has low correlation to Bitcoin (BTC). This comes as no surprise for those who have been watching the market up close. While Bitcoin and a majority of cryptocurrencies have had dramatic short term surges and plummets, XRP has remained very stable.
Though in nature, cryptocurrencies are very volatile, XRP has proven to be very steady in movement. This has made XRP one of the best cryptocurrencies to diversify into to reduce investment risk. With many cryptocurrencies following Bitcoin’s trend, having XRP in your portfolio ensures you are partially safe in case of a huge drop by Bitcoin.
In the last couple of weeks, XRP has remained within the $0.29 and $0.35 position. For much of the time, XRP has been trading in the $0.30 position, showing a high level of stability in what has been a very rampant couple of weeks.
XRP Price Update
Although XRP’s lack of fast response during market-wide rallies has posted a couple of concerns for holders, the sentiment on its future remains positive. Not only has technical indicators including high trading volume been pointing out to some bullish days to come, but, its Ripple project has also been enjoying positive developments. As we reported, the project has now partnered with the world’s second largest global money transfer company.
Additionally, In the last couple of days, NASDAQ has announced the addition of the XRP Liquid index. This saw bulls sweep in fast and push prices up, fully capitalizing on the announcement.
Though this has played a great role in the short term, it will fully take effect in the long term. The addition of the XRP liquid index will help boost adoption for XRP and see it become exposed to new investors.
At the time of press, XRP is trading for about $0.303 having just slipped in the red zone following a correction after the bulls pushed prices up yesterday. As long as XRP is above $0.30 it is deemed to be bullish and its current range means it is playing right into the hands of the bulls. Though the bulls will continue to advocate for higher prices in the short term and long term, it is pretty clear that the game plan for XRP is long term.
