BTC and XRP correlation during dip
The following judgement is made by the RECENT waves of the crypto bullrun, and does not conclude for all-time price patterns.
As we all know, there is a high correlation between BTC and XRP price. During the previous dip a few days ago, BTC was at 18.6k while XRP dipped to almost $.54. If we look at the current dip, we see BTC below 18k and XRP at ~$.53
A thing to note about the price movements between these two cryptos is that BTC tends to shoot up or down first before XRP follows suit. So in my opinion, XRP will fall a tad bit further to catch up with BTC, it lags a bit before doing so. This doesn't use any fancy technical analysis but I drew this conclusion using basic linear correlation, so I could be wrong. I entered short at $.61 and will continue to hold this position until BTC shows signs of recovery.
Again, I could be wrong and this isn't financial advice, just an idea that you may entertain if you wish to do so. Comment your thoughts on this if you wish.
As we all know, there is a high correlation between BTC and XRP price. During the previous dip a few days ago, BTC was at 18.6k while XRP dipped to almost $.54. If we look at the current dip, we see BTC below 18k and XRP at ~$.53
A thing to note about the price movements between these two cryptos is that BTC tends to shoot up or down first before XRP follows suit. So in my opinion, XRP will fall a tad bit further to catch up with BTC, it lags a bit before doing so. This doesn't use any fancy technical analysis but I drew this conclusion using basic linear correlation, so I could be wrong. I entered short at $.61 and will continue to hold this position until BTC shows signs of recovery.
Again, I could be wrong and this isn't financial advice, just an idea that you may entertain if you wish to do so. Comment your thoughts on this if you wish.
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