XRP and Bitcoin Prices Rise After a Brutal Slump — Barrons.com

By Callum KeownBitcoin, XRP, and other cryptocurrencies showed signs of stabilizing early Wednesday after a brutal slump in recent weeks.Bitcoin was trading at $83,500 early Wednesday, up more than 3% over the past 24 hours, according to CoinDesk data.While the rebound seems to have stalled slightly, it will be a relief to investors to see cryptocurrencies stabilizing after a period of heavy selling pressure. Bitcoin fell below $78,000 at one point earlier this week — a four-month low.It was a similar story for other digital assets. Popular altcoin XRP is up around 5% over the past 24 hours, trading at $2.24 after dropping below the $2 level Tuesday for the first time since November. Ethereum, the world's second-largest cryptocurrency, was roughly flat at $1,930.The selling and volatility aren't necessarily over, though, and cryptocurrencies are likely to take their lead from the broader stock market as sentiment remains cautious at best."The increasing correlation between crypto and traditional financial markets is notable," Fakhul Miah, director of digital mining platform GoMining Institutional said. Persistent trade tensions in North America and global economic uncertainty have further dampened investor confidence, increasing the probability of prolonged selloffs across asset classes," he added.Write to Callum Keown at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.