Decentralization is an Illusion...XRP Ultimately Moved with 'Wall Street'

▲ XRP/AI-generated image

A research result showing that the price of XRP is still strongly dependent on the trends of the traditional financial market has once again highlighted the structural limitations of the virtual asset market.

According to the cryptocurrency specialized media outlet U.Today on April 26 (local time), recent academic research analyzed that the prices of major virtual assets, including XRP, are heavily influenced by traditional financial indicators such as stocks, government bonds, and national credit risk.

This study was conducted based on daily data from 2018 to early 2026. Researchers precisely analyzed the information flow among major asset classes such as virtual assets, stock markets, bond markets, and commodities using statistical techniques.

The analysis results were clear. Traditional financial indicators such as G10 national stock indices, 10-year government bond yields, and 5-year Credit Default Swaps (CDS) acted as 'transmitters' of market signals. On the other hand, virtual assets, including XRP, were found to be closer to 'passive assets that absorb' these signals.

This means that virtual assets cannot function as independent hedging tools. The study concluded that virtual asset portfolios are still deeply connected to the stock and bond markets, and it is unlikely that this structure will change in the short term.

However, the possibility of the influence relationship being reversed in black swan events such as financial crises was also raised. The analysis suggests that at certain times, national risk indicators can drive the entire market, moving both virtual asset and stock prices simultaneously.

This study shows that, contrary to the existing perception that virtual assets are a decentralized and independent market, they actually operate within a structure closely connected to the traditional financial system. XRP is also not exempt from this trend.

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