The crypto sphere is a league of numerous cryptocurrencies striving to get headway into global prominence and recognition. Binance Research recently published a report that revealed that Ripple’s XRP has a closely weak correlation which makes it an appropriate diversified investment compared to other highly ranked digital assets like Bitcoin (BTC) with strong market price correlation.
The Binance research report was deduced from March 2018 to March 2019, based on interactions between 30 most ranked cryptocurrencies by market cap. Ripple’s XRP reportedly has relatively the lowest price correlation to BTC while Ethereum (ETH) has one of the highest correlations to Bitcoin.
The above image depicts the connection between first thirty cryptocurrencies; a close look shows that almost all the digital currencies have high correlation with Bitcoin (BTC) and Ethereum (ETH) ranging from 0.67 to 0.88 unlike Ripple’s XRP with just 0.53 and 0.61 correlation with Bitcoin and Ethereum respectively. So, this brought about the conclusion that Ripple’s XRP is an appropriate diversified investment.
Ripple’s XRP Attained a Hallmark of Over 1000 Markets Visibility
Ripple’s XRP has been widening its chances to gain much needed expansion in the cryptocurrency sphere as more notable FinTech firms and trustworthy crypto exchanges are supporting the cryptocurrency.
A couple of days ago, Today’s Gazette reported that XRP has attained a hallmark of over 1000 markets visibility, a milestone that is expected to boost suitors’ trust for Ripple’s XRP and encourage more capital investors.
According to the report, Zipmex and OOOBTC including 316 exchanges have made XRP available on their platform for transaction, increasing the chances of Ripple’s XRP in achieving its objective of gaining prominence as a means of payment in all sectors and businesses.
Ripple’s XRP Benefitted from Tether-Bitfinex scandal
It is apparent that Ripple’s XRP has not seen a notable increase in price since the beginning of 2019 unlike other cryptocurrencies but the recent Tether-Bitfinex scandal did not affect XRP market price compared to other digital assets that experienced an obvious drop in price, due to the rate of XRP transaction within wallets and exchanges.
Tether-Bitfinex saga unsettled the crypto space as some cryptocurrencies lost their trend of surging in price, including Bitcoin (BTC).
Ripple partners PTT Exploration and Production (PTTEP)
Ripple, the blockchain firm based in San Francisco, has been sealing a number of notable partnerships with reputable businesses and corporations around the world, enabling it to gain a lot of recognition in the payment industry.
Some days ago, Ripple partnered with a petroleum exploration company, PTT Exploration and Production (PTTEP), known to be the largest corporation in Thailand. Ripple will serve the corporation with its payment setup in cross-border remittance.
According to the update on PTTEP website, the corporation and a Thailand based financial institution, Siam Commercial Bank (SCB), that also operate with Ripple cross-border payment setup are partnering to enhance their PTTEP cross-border transactions.