Analyst: Ripple (XRP) will outperform Bitcoin price in this scenario

The cryptocurrency market has been in decline over the previous few months. The entire market capitalization is hovering simply above $2 trillion, however one analyst has provide you with an attention-grabbing comparability, claiming that XRP could possibly surpass BTC.

Earlier than we get into that, although, let’s get slightly background.

BTC and XRP Costs in 2024

BTC is having an excellent 12 months up to now in 2024. Buying and selling at round $42,000 firstly of the 12 months, it has now risen to $55,000. This represents a rise of roughly 30%.

In fact, it’s value noting that in this era, the main cryptocurrency additionally reached highs above $70,000 and is at the moment within the midst of a correction. Its value motion in 2024 is sort of unstable.

Ripple’s XRP, however, began the 12 months at round $0.61. As of this writing, it’s buying and selling at $0.53, down 13%.

XRP isn’t that convincing in 2024 but, however one outstanding analyst believes which may be about to vary.

XRP will squeeze BTC

Outstanding dealer Crypto Michael on X stated that the XRP/BTC chart seems to be experiencing a squeeze.

A “squeeze” is a time period used to explain a scenario the place value has been buying and selling in a really slender vary for an prolonged time period and is about to interrupt out of that vary.

XRP/BTC appears prepared for an enormous squeeze pic.twitter.com/O0lzuHbTCZ

— Michael of Cryptocurrency (@MichaelXBT) September 8, 2024

However the place will the worth of XRP go? Excellently, according to For analysts, if the cryptocurrency can attain $0.55, it would transfer north.

Elementary catalysts for XRP may come into play. For instance, the corporate simply declare Their stablecoin could also be launched this 12 months. This might additionally have an effect if it turns into extensively adopted.