XRP Decouples From Bitcoin, Crosses $0.60 for First Time Since Mid-August

XRP is trading at $0.6028, its highest price since August 16.

XRP’s rally in October is shifting gear after breaching the resistance point at $0.6. The latest XRP resurgence stems from its 6.7% jump in price on the back of its sustained accumulation.

The last time XRP traded above $0.60 was on August 16th. Afterward, it experienced a decline, dropping to $0.45 on September 11th before rebounding to surpass $0.60 today.

XRP Growth Metrics

Current on-chain data shows a 130% jump in XRP’s trading volume, valued at $2,306,920,084. While XRP can boast of an energized trading uptick in recent times, this $2.3 billion volume stands as one of its best daily figures for October. This trading volume is a function of related upticks in XRP’s volume on exchanges like Binance, Coinbase, Bithumb, and KuCoin.

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Besides the XRP price glitch observed on Binance earlier today, the coin’s 24-hour volume on the exchange is $375,295,286, up 16.24%, while on Coinbase, this figure comes in at $42,502,963, up 1.84%. On Bithumb, the total XRP traded is worth $146,055,024, up 6.36% overnight. XRP’s KuCoin volume lies at $28,990,517, with an uptick of 1.25%.

The current uptick in XRP underscores the validity of its price forecasts by top firms like SBI VC Trade, a Japanese exchange and subsidiary of SBI Group. In a recent report, the firm projected a bullish case scenario of $0.6297 for XRP riding on the positive sentiments surrounding SEC’s appeal rejection and the dismissed charges levied against Ripple executives Brad Garlinghouse and Chris Larsen.

With the prediction playing out, XRP now ranks among the top trending coins on CoinMarketCap, following the 5.75% jump in its market capitalization pegged at $32,126,411,101.

XRP Decouples from Bitcoin

The current uptick in XRP depicts a potential decoupling from Bitcoin (BTC). According to an X post from pro-crypto attorney Jeremy Hogan, “Bitcoin decoupled from tech stocks” last week but XRP has pulled a similar move this week.

Last week: Bitcoin decoupled from tech stocks.

This week: XRP decouples from Bitcoin.

Next week: Everyone keep an eye on your spouses – lots of decoupling going around. https://t.co/4IaeUNM4SL

— Jeremy Hogan (@attorneyjeremy1) October 31, 2023

This post stems from XRP’s price chart shared by community member XRP CAPTAIN which shows the ongoing XRP Pump. This decoupling is further showcased considering Bitcoin (BTC) price slipped 1.24% at the time of writing to $34,252.62

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• Source: https://thecryptobasic.com/2023/10/31/xrp-decouples-from-bitcoin-crosses-0-60-for-first-time-since-mid-august/?utm_source=rss&utm_medium=rss&utm_campaign=xrp-decouples-from-bitcoin-crosses-0-60-for-first-time-since-mid-august