Long term levels of importance the weekly chart for xrp shows that the price is trading inside a crucial. While a short term retracement could occur xrp should eventually move above this resistance level. The xrp price increased by 50 in july reaching a significant long term resistance level above which it has not traded in a year.
In the finite number of bull markets in the cryptocurrency market that we currently have xrp has demonstrated a clear correlation to altcoin performance relative to bitcoin market performance. Over the past two weeks since friday july 17 gold has now gained 9 5 silver 23 and bitcoin 21 in what has been. The increase in correlation follows a surge in prices of bitcoin as well as the two precious metals gold and silver in late july.
But more consistent correlations are likely as the cryptocurrency space matures according to kevin kelly. Bitcoin has historically exhibited little to no correlation to traditional asset classes. In a similar fashion ether s value with respect to bitcoin also reached a yearly high of 3 3 percent the metric s highest point since june 2019.
From the attached charts it can be observed that bitcoin s 1 month correlation recently nosedived from 93 percent on 21 july to 58 percent on 2 august. 14 btc 95 000 free spins for every player only in mbitcasino s exotic crypto paradise. Bitcoin swaps correlation with s p 500 for gold gold set a new all time high this week just ahead of the united states government revealing details of their latest efforts to stimulate the economy.
The readings appeared as the us 10 year treasury real yield sank to a record low last seen in 2012. At the same time the cryptocurrency s correlation with the s p 500 index plunged to its one month low. The correlation between bitcoin and its traditional rival gold reached a four month high on july 22.
This coefficient may change from 1 to 1 where 1 is the strongest negative correlation 0 is no correlation at all and 1 is the strongest positive correlation. The correlation coefficient of their prices is 0 30 which was estimated based on the previous 100 days price dynamics of both currencies. According to the correlation analysis btc and xrp have a moderate positive relationship.
Eth and xrp their price correlation is quite different.
Bitcoin xrp correlation. While the back end of the top 10 has seen some shuffle off late bitcoin s highest correlation with with top alts. The highest bitcoin altcoin correlation is with xrp at 0 89 followed by litecoin binance coin and then ethereum. Looking at the top 2 coins following bitcoin in terms of accumulated market capitalisation i e.
Looking at the top 2 coins following bitcoin in terms of accumulated market capitalisation i e. The highest bitcoin altcoin correlation is with xrp at 0 89 followed by litecoin binance coin and then ethereum. While the back end of the top 10 has seen some shuffle off late bitcoin s highest correlation with with top alts.
