What does this mean for the XRP price?

In times of corona-crisis of the entire Crypto-speaks-Space almost exclusively on the number 1 of all crypto-currencies: Bitcoin. While this is justified, on the one hand, because the current market environment, in theory, made for BTC, the focus is naturally less on the other top crypto-currencies such as Ripple with XRP. This fact, that at the Moment, much revolves around BTC, not only in the headlines of the reporting, but also in the Fundamentals and the Charts. The correlation between BTC and XRP high is currently at a new all-time high.In this article, we will summarize for you the development of the XRP rate from the last few weeks and months and explain the reasons for the ATH.

XRP course with mixed feelings

The XRP exchange rate has in the last few weeks and months, like so many crypto a rule, currencies, defines the rights of a roller-coaster ride down. From the beginning of the year until the 14. February put Ripple with XRP an insane rally by the increase of approximately $ 0.18 to $ 0.34 in the tip.This almost doubling, was then made, but unfortunately quickly dashed. The crypto-currency Ripple lost in the weeks after the 14. February a massive ground and slumped, first to 11. March again to just 0.21 USD from. In consequence of the massacre of all the financial markets around the world on 12. March, the XRP price fell even below $ 0.14.In the recovery phase after a historic Crash of the XRP price was able to gain ground again, currently trading at approx. 0,182 USD. This corresponds to a recovery of about 34% since the 12. March to today.This joy, however, is clouded quite quickly again, if you look at the development of Ripples XRP since 1. January to look at. The year-to-date development is -5,42% negative.Trade on the worlds leading Social Trading platform!Join the millions of people who have already discovered how it smarter to invest by copying the best investors in our Community, or be copied and as a result, a second income can be achieved. Start now!

Ripple Bitcoin correlation writes new all-time high

The image above already suggests what I just mentioned in the introduction: The share Price between Ripple (XRP) and Bitcoin is similar currently and since the beginning of the year very strong. While BTC lost since the beginning of the year about 7%, lost XRP around 5.5%.This assumption, we proved by the fact that the correlation between Ripple and BTC is a new all-time high. The Pearson correlation of more than 180 days between Ripple and BTC is currently at 0,859.Explanation: A correlation of 1.0 would mean that the two histories are exactly the same. It is interesting to observe that the correlation has increased since the end of the bull market beginning in 2018 and more and more. But what does this mean for the XRP price?This is how to answer so often, clearly. Because the correlation should remain high, the development of Ripple next to the BTC course. BTC are rosy times, would be the Ripple that way. Conversely, the Same applies but also. All Ripple and XRP Fans can hope for a recovery, because many of the before predict BTC to be a strong year. So, for example, the billionaire Michael Novogratz. This should occur so, would also benefit XRP thereof.

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(Image source: Shutterstock)The versions in this article, no trade recommendations or investment advice.

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