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Bitcoin Drags XRP Underwater After Initial Price Rally
According to data from CoinMarketCap, XRP is trading under $3 after showing flashes of brilliance for a meteoric rally over the last seven days. However, following the hints of an incoming rally, XRP has tumbled by nearly 3% over the last week as investors scan the charts to rationalize the dip.
Amid the decline, pro-XRP lawyer Bill Morgan revealed in an X post that Bitcoin is responsible for XRP’s latest price slump. In his post, Morgan noted that XRP is merely “playing follow the leader” given its correlation with Bitcoin, the largest cryptocurrency by market capitalization.
“This is the overwhelming reality and the most significant factor in XRP price movement, which is heavily correlated with Bitcoin price dynamics,” said Morgan. “It is consistent with Ripple’s expert evidence in the SEC v Ripple lawsuit.”
The lawyer cited Ripple’s expert evidence provided in the SEC-Ripple lawsuit that alluded to a correlation between the two cryptocurrencies. Historically, cryptocurrency prices have matched Bitcoin’s price action with a rally by the largest digital asset by market cap, triggering similar price spurts across the ecosystem.
 
This time, Bitcoin price shed nearly 2% after the initial buzz from the Fed rate cut, halting the rallies of several cryptocurrencies. Apart from XRP, the decline in BTC price appears to have adversely affected HYPE, LINK, and AVAX over the last 24 hours.
Meanwhile, Morgan disclosed that, apart from its correlation with Bitcoin, XRP has a string of positives capable of triggering an upward price movement. A blistering debut for the Rex-Osprey XRP ETF has signaled massive institutional demand, with approval odds for pending XRP ETF proposals pegged at an impressive 95%.
In the event of a decoupling, experts are tipping XRP to rally by 750% to trade at the $27 mark amid forming an accumulation pattern. Furthermore, experts are pointing to the Altcoin Season Index reaching a new peak in 2025 amid dwindling Bitcoin dominance.
Despite the present decline, XRP ranks as the third-largest cryptocurrency by market capitalization after flipping Tether’s USDT. While the seven-day charts reflect a near-4% slump, XRP has gained 5% over the last month, while the one-year chart confirms a 416% rally.
Source: https://zycrypto.com/pro-xrp-lawyer-reveals-why-xrp-price-has-taken-a-hit-despite-strong-etf-launch/
