Will XRP Fiat pairings decrease BTC correlations
Recently, it was announced that India based Koinex becomes first exchange in the world to start XRP Pairs. Japan Base SBI also is likely to start XRP based pairings as well as fiat based XRP pairs. Now the question arises whether such moves are likely to decrease correlations over time with numero uno Bitcoin.
Now let's look at why most cryptos are corelated with Bitcoin. Because simply, most cryptos are available largely as BTC pairs. Very few are available as pure fiat pairs. That’s also the case with XRP as well as ETH. Since these are paired with BTC, they are correlated to some extent with Bitcoin prices. Not to say that this correlation is always maintained over time. From time to time, this correlation breaks down especially when an altcoin outperforms Bitcoin
Now if XRP Fiat pairings increase more than corresponding BTC pairings, over time people will transact more and more in fiat for purchasing and selling XRP. That will result in the price movement of XRP acting relatively independent to price movement of Bitcoin. However the correlation structure will still exist to some extent irrespective of that since Bitcoin is still the Big Daddy and will remain so for the foreseeable future!
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