Why is XRP experiencing a sell-off despite bullish on-chain data? Despite strong fundamentals, XRP's price has fallen to a 9-month low near $1.60. On-chain signals look very bullish: Total Value Locked in Real-World Assets (RWA) has increased by 11% in the past 30 days, reaching a record $235 million, and Ripple continues to expand its global licensing. So, where's the problem? The market structure is completely dominated by Bitcoin. XRP's correlation with Bitcoin is as high as 0.998. This means that Bitcoin's volatility outweighs all catalysts favorable to XRP. Institutional inflows into altcoins are likely to remain suppressed until Bitcoin stabilizes, thus continuing to exert downward pressure on the price. Conclusion: Bearish in the short term until the correlation between Bitcoin and XRP breaks. #Ripple #Bitcoin #MarketSignals #CryptocurrencyAnalysis #On-ChainTrading {Spot}(XRPUSDT)