Karla Barker 
A new academic study has found that XRP price movements remain heavily influenced by traditional Wall Street signals. The research, published in the Journal of Risk and Financial Management in April 2026, suggests that digital assets have not yet become safe havens separate from traditional finance.
The study reviewed daily market data from 2018 to early 2026. Researchers at Yildiz Technical University examined how information moved across seven major financial segments. These included top cryptocurrencies, G10 stock indices, tech stocks, commodities, government bond yields, and sovereign risk measures.
Stocks and bonds lead market direction
The findings indicate that G10 stock markets, 10-year government bond yields, and five-year credit default swaps often send the strongest signals. Cryptocurrencies such as XRP mostly receive those signals rather than lead them. This challenges the idea that XRP and other crypto assets move independently from stocks and bonds.
The paper described this as “information flow” between markets. In simple terms, price pressure from stocks, bonds, and risk indicators often reaches crypto before crypto sends signals back to those markets. The researchers said crypto portfolios remain closely linked to traditional markets, perhaps more than many enthusiasts would like to admit.
Crises can change market order
The study also found that market leadership can shift during sudden crisis periods. In such moments, sovereign risk tools like credit default swaps can become stronger drivers of stock and crypto prices. This suggests that during times of economic stress, the relationship between assets may change, but crypto still does not lead the way.
The researchers used Transfer Entropy and Independent Component Analysis to filter market noise and track cleaner links between assets. Their findings suggest that XRP price action still follows broader financial conditions, even as crypto adoption grows. I think this study adds weight to the idea that crypto markets are not yet truly independent.