- XRP’s potential retest of $0.70 depends on BTC, according to one analyst.
- There has been a strong correlation between XRP and BTC in the last three months.
- If the current buying momentum continues, XRP may rise above the resistance at $0.65.
Digital asset analyst Bill Morgan, claimed in a recent post on X that Ripple’s (XRP) potential rise above $0.70 largely hinges on the movement of Bitcoin (BTC). Morgan’s opinion was in response to a chart shared by pseudonymous trader Guy on the Earth who predicted that XRP may soon flip $0.70, and head in the $0.80 direction.
Depends on Bitcoin price movement as always https://t.co/Sa8wi57uBx— bill morgan (@Belisarius2020) November 23, 2023
At press time, XRP’s price was $0.62, following a 2.21% increase in the last 24 hours. BTC, on the other hand, maintained its hold above $37,300. Meanwhile, Morgan’s post about XRP’s dependence on Bitcoin could be valid. This is because of the strong correlation between the two cryptocurrencies.
XRP follows BTC
According to wealth management platform Macroaxis, the 90-day correlation coefficient between BTC and XRP was 0.9. Values of this coefficient range from -1…
The post Can XRP Flip $0.70? Bitcoin Likely To Decide, Data Suggest appeared first on Coin Edition.