XRP closely follows Bitcoin's price movements, benefiting from the strong correlation between the two assets.
With Bitcoin hovering near $110,000, XRP seems poised for a potential rise. However, market conditions and investor sentiment will play a crucial role in its price trajectory.
XRP follows Bitcoin
XRP currently shows a strong correlation of 0.91 with Bitcoin, reflecting how closely the price movements of the two assets are linked. Historically, when the correlation of XRP with Bitcoin weakens, the altcoin experiences price declines. However, as the correlation strengthens, XRP tends to benefit from Bitcoin's upward momentum.
This correlation is especially promising as Bitcoin hovers around the $110,000 mark, with the potential to push towards a new all-time high (ATH). As Bitcoin moves upward, XRP is likely to follow suit, allowing for a price increase.
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