Does Ripple depend on Bitcoin? According to the correlation analysis, BTC and XRP have a moderate positive relationship. The correlation coefficient of their prices is 0.30, which was estimated based on the previous 100-days' price dynamics of both currencies.
This coefficient may change from -1 to 1, where -1 is the strongest negative correlation, 0 is no correlation at all and 1 is the strongest positive correlation.
The negative coefficient means that the prices of the cryptocurrencies are going in the contrary direction while the positive coefficient points that the prices are going in the same trend. For example, if Bitcoin and Ripple connection is positively strong, it means that when BTC is growing XRP will grow as well. The negative strong relation will point that when BTC is growing XRP price will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Ripple. If we take all the factors affecting the price of XRP as 100%, then the share of BTC price among these factors will be 9.00%. The other part which is 91.00% covers all the other circumstances, such as media, technological releases or politics.