This summary text is fully AI-generated and may therefore contain errors or be incomplete.
XRP and BNB, two popular altcoins, have recently shown a significant decrease in correlation with Bitcoin. Correlation measures the extent to which the prices of two assets move in the same direction. A positive correlation means that the assets move together, while a negative correlation indicates that they move in opposite directions. XRP’s correlation with Bitcoin has dropped from nearly 80% to around 40% in the past 60 days, suggesting that its price has become more independent of Bitcoin. BNB, Avalanche, and Solana have also experienced some decoupling from Bitcoin, but to a lesser extent than XRP. On the other hand, Cardano and Dogecoin have shown the least amount of change in correlation. XRP’s reduced correlation with Bitcoin makes it an attractive option for diversifying a cryptocurrency portfolio. In terms of price, XRP recently reached above $0.63 but has since fallen back below $0.60. However, it has seen some recovery and is currently approaching $0.61.