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 according to a research by Binance. 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. 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.
XRP News Today – Ripple News Today – XRP Price Prediction 2019 – Binance Research On Correlation
During the research, Binance 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.
XRP Price Prediction 2019 – XRP Current Price – XRP News Today
At the time of writing, the price of XRP was $0.298861. It is up by 0.53% against the USD and up by 0.16% against the price of BTC. The trading volume over a 24 hour period is $742,902,827 and the market capitalization is $12,553,641,857. 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. If it moves above $0.30, which is now a resistance level, the next resistance will be at $0.32.
What do you think about the XRP news today? Is the fact that XRP is not strongly correlated to Bitcoin a good thing? Will it influence the XRP price prediction 2019? Share your thoughts in the comment section below.