In the past few hours, Ripple (XRP) has been outshining a majority of digital assets in the market, registering a price growth in the highs of 5%. This has seen its price climb from little over $0.29 to around $0.35.
XRP remains trading above the $0.30 price level. However, at press time, the cryptocurrency is in a downward trajectory having lost around 0.08% by a short period. The trading volume over a 24 hour period is $857,393,141 and the market capitalization is $12,805,237,667.
This price leap has been attributed to several factors, and one of them must be a recent revelation that Nasdaq is set to list the XRP Liquid Index on its platform. In other words, the surge could be as a result of investors piling into the coin after the announcement that Nasdaq via a partnership with Brave New Coin was looking forward to offering the XRP index on GIDS on May 1.
Meanwhile, the crypto market is in mixed colors with an average percentage of change among top 20 coins in the last 24 hours ranging around 0.20-4.0%. The biggest gainers in the top 10 coins include Bitcoin Cash (BCH) with an increase of over 3.04%, Bitcoin (BTC) with 1.04% and Ethereum (ETH) with an increase of 0.23%.
XRP Low correlation with Bitcoin
Ripple’s price surge comes at the back of a report by Binance that XRP has a low correlation with the top-ranking digital coin Bitcoin (BTC). That’s unlike other major coins such as Ethereum (ETH), Bitcoin Cash and Tron (TRX) which moves in tandem with Bitcoin (BTC) prices.
When Bitcoin price started rallying in April from the $4K level to the $5K level, every coin rallied behind. During this period, however, the price of XRP was hovering around $30.
Following this recent XRP’s price behavior, researchers at Binance concluded that XRP could be the best diversifier among the top -ranking digital assets.