Silver Price vs XRP Price: Is There a Correlation?

Why compare the silver price and XRP price?

Silver trades like a hybrid: part monetary metal, part industrial commodity. XRP trades 24/7 as a liquid cryptoasset, and searches for “ripple currency price” often point to XRP rather than the company. The two markets can briefly rhyme during broad risk-on or risk-off stretches, then decouple when asset-specific drivers take over.

People usually come to this question from one of two angles:

• Diversification: if silver prices and XRP prices are not tightly linked, combining them can reduce single-asset risk.
• Narrative: silver is often framed as defensive while crypto is framed as risk. Real markets mix those buckets.

The point of a correlation study is to replace the narrative with a number, then check that number across time windows.

These charts show five years of monthly closes for XRP price USD and the silver spot price today (XAGUSD), sampled from Stooq daily closes. The correlation results below are computed on daily log returns, not on these price levels.

Method and data sources: silver spot price today (XAGUSD), SLV, and XRP price USD

Here is the workflow, in the same order you can reproduce it.

1. Pick the price series and proxies. For XRP price USD, I used Stooq XRP.V (an XRP/USD daily close). For the silver spot price today, I used Stooq XAGUSD. For a U.S. market-hours proxy that many brokerage accounts can trade, I also used SLV.US (iShares Silver Trust).
2. Download daily closes and keep overlapping dates. This matters because XRP trades 24/7 while SLV trades U.S. equity hours. When SLV is in the pair, weekends and U.S. market holidays drop out, so XRP is filtered to those same dates before returns are computed.
3. Convert closes into daily log returns: r_t = ln(P_t / P_{t-1}). Returns answer the day-to-day move without being skewed by long price drift.
4. Measure correlation on returns. I used Pearson correlation for three lookbacks, using the last about 90, about 252, and about 1260 overlapping observations, which line up with roughly a quarter, a year, and five years of trading days.
5. Check regime shifts with rolling correlation. I recalculated correlation on a moving 30-day and 90-day window to show when the relationship tightened and when it loosened.

Sanity checks:

• Keep everything in USD and pull all series from the same provider so the close definition stays consistent.
• Confirm the observation count, especially on rolling windows. A 30-day window is only 30 data points.

Correlation is not causation.

Spot silver (XAGUSD) vs XRP price USD: correlation results

Here are the Pearson correlations of daily log returns between XRP and spot silver (XAGUSD), using overlapping observations:

Across the windows tested, the correlations stayed in a narrow band around 0.07 to 0.13. In correlation terms, that is low. Squared, a 0.10 correlation implies about 1% shared day-to-day variance.

How to read the windows:

• 90 trading days reflects the most recent regime.
• 1 year mixes multiple phases.
• 5 years blends multiple crypto cycles and macro backdrops.

Takeaway: correlations are small and positive in this sample. That is weak enough that it should not be used as a standalone signal.

What these numbers do not mean:

• They do not imply XRP tracks the silver spot price day to day.
• They do not mean silver hedges XRP in a drawdown.
• They do not tell you anything about intraday moves, where time alignment matters more.

Rolling correlation recalculates the same statistic over a moving 30-day or 90-day window.

For XRP vs spot silver (XAGUSD):

The ranges are the point. The 30-day correlation spent time below zero and also climbed above 0.3, depending on the month. That swing is why a single average correlation can feel true in one quarter and wrong in the next.

Rolling correlation is the story. In this dataset it moved from negative to meaningfully positive, so the relationship did not stay stable.

Spikes tend to show up when a shared driver dominates, like a fast dollar move or a broad risk repricing. When the market focus shifts back to silver-only or XRP-only catalysts, the link fades.

SLV silver ETF vs XRP price USD: correlation results

Now the same calculation, using SLV instead of spot silver:

SLV tells a similar story. The key difference is the clock: SLV has a U.S. equity close, while XRP trades overnight and on weekends. For fund mechanics and holdings, see the iShares Silver Trust (SLV) product page.

SLV is designed to track bullion over time, but day to day it also reflects U.S. market hours and ETF plumbing. Overnight silver moves can show up as gaps at the U.S. open, which changes the shape of daily returns compared with a global close-to-close spot series.

Rolling correlations show the same instability for SLV.

For XRP vs SLV:

The rolling ranges also swung across negative and positive territory, which is why this is not a reliable hedge relationship.

If you see a gap between the XAGUSD and SLV results, close-time mismatch is a leading suspect.

Silver spot price vs cost of silver today: what the numbers mean and what moves silver prices today

“Silver spot price” is a wholesale benchmark. It is not the checkout price for a coin or small bar.

Most quote screens show spot per troy ounce in USD. Dealer sites can quote a different number because they bundle premiums and fees into the retail price.

• Silver spot price today: reference price used across markets. One benchmark is the LBMA Silver Price.
• Cost of silver today: retail price after dealer premiums, fabrication, shipping, and taxes.
• Silver prices today can differ across spot, futures, and ETFs like SLV because of market hours and fees.

Quick check when you read a silver price chart:

• Is it spot (XAGUSD), futures, or an ETF (SLV)?
• What time and timezone is the close?
• Is the quote per ounce and in USD?

What tends to move the silver price:

• Real yields. Higher inflation-adjusted yields can pressure non-yielding metals. A common proxy is the 10-Year Treasury Inflation-Indexed Security.
• U.S. dollar moves. Silver is quoted in dollars, so dollar swings can coincide with silver moves. One index is DTWEXBGS.
• Industrial demand narratives. The World Silver Survey tracks demand and supply themes year to year.

XRP price USD and ripple currency price: what you are pricing and what moves XRP

XRP price USD is the exchange rate for XRP against dollars on crypto venues. Searches for “ripple currency price” often refer to that same XRP/USD quote.

Two quick distinctions:

• XRP is the asset on the XRP Ledger. XRPL.org explains the network at XRPL.org.
• Ripple is a company building around payments and publishing periodic commentary, including its XRP Markets Report.

What tends to move XRP day to day:

• Crypto risk appetite. In many periods, XRP moves with broader crypto cycles.
• Regulation and court headlines. Primary sources live on sec.gov.
• 24/7 trading. XRP can reprice during weekends and U.S. off-hours, which matters when you compare it with SLV and other market-hours assets.

One practical issue: “XRP/USD” is not a single venue. Different exchanges and index providers publish slightly different prints. Using one consistent data source for both XRP and silver reduces mismatches, but you should expect small differences if you rerun the study with another feed.

When silver and XRP can correlate and what that means for portfolios

Silver and XRP tend to correlate only when both are reacting to the same macro shock, not because one tracks the other.

Low correlation is not a promise that drawdowns will not overlap. In many risk-off episodes, correlations across assets can rise as traders cut risk and raise cash.

If you are thinking in hedges, correlation is not enough. A hedge needs a hedge ratio, which depends on relative volatility. Correlation tells you direction and consistency, not sizing.

Shared drivers that can create short bursts of correlation:

• Fast U.S. dollar moves
• Rapid repricing in real yields
• Broad risk-off deleveraging across assets

You can see the logic on a simple set of days. If silver is flat while XRP falls on a crypto-only headline, the correlation for that window drifts toward zero. If both fall on a dollar rally or a liquidity shock, the correlation rises. The same long-run average can hide very different month-to-month behavior.

What this means in practice:

• Do not assume silver is a hedge for XRP. Rolling correlation can flip.
• Treat correlation as context for risk management. Low correlation can widen during stress.
• If you watch it, focus on rolling windows as a temperature check, not a trigger.

How to replicate the silver price vs XRP price correlation study

You can reproduce the numbers in a spreadsheet:

• Download daily closes for XRP.V and a silver proxy (XAGUSD or SLV.US) from a provider like Stooq.
• Keep overlapping dates and compute log returns ln(P_t/P_{t-1}).
• Run CORREL on the last 90, 252, and 1260 overlapping return rows.
• For rolling correlations, run the same CORREL on a moving 30-row and 90-row window and chart the output.

Spreadsheet example formulas:

• Log return: =LN(B3/B2)
• Correlation: =CORREL(xrp_returns, silver_returns)

If your silver series has no weekends (SLV), filter your XRP series to the same dates before computing returns. That one step prevents a lot of misleading output.

Bottom line: the silver price and XRP price did not show a stable correlation on daily returns. The average link stayed small, and rolling windows flipped sign.