XRP Traders Cautious as Crypto Remains Vulnerable to Bitcoin's Price Action

XRP has been trading within a defined range of $1.30 to $1.50, with the latter serving as resistance for the cryptocurrency. According to analyst Sam Daodu, XRP's price action is closely tied to Bitcoin's, which is currently moving in alignment with the altcoin.

The correlation between XRP and BTC has historically been high, with XRP magnifying Bitcoin's price swings by around 1.8 times. In practical terms, this means a 10% decline in Bitcoin could translate into an 18% drop for XRP.

Daodu notes that if Bitcoin were to fall below $60,000 again, XRP would likely follow, regardless of its individual fundamentals or technical structure. This suggests that the market is at risk of a deeper pullback if Bitcoin were to experience significant price drops.