Ripple (XRP) to outperform Bitcoin price in this condition: analyst

The cryptocurrency market has been in a state of decline for the past few months. The total market cap is slightly above $2 trillion, but one analyst has made an interesting comparison, claiming that XRP could surpass BTC.

Before we take a look at that, though, let’s provide some context.

BTC vs XRP prices in 2024

So far in 2024, BTC has fared relatively well. It opened the year trading around $42,000 and has risen to $55,000, where it currently stands. This represents an increase of around 30%.

Source: CoinMarketCap

It is of course worth noting that, during this period, the leading cryptocurrency also peaked above $70,000 and is currently in a correction. Its price action in 2024 has been quite tumultuous.

Ripple’s XRP, on the other hand, opened the year at around $0.61. At the time of writing, it is trading at $0.53, which represents a 13% decline.

Source: CoinMarketCap

XRP hasn’t been as compelling in 2024, but one well-known analyst believes that could be about to change.

XRP to squeeze against BTC

According to Crypto Michael, a well-known trader on X, the XRP/BTC chart looks like there is some incoming pressure.

A “tightening” is a term used to describe a situation where price has been trading within a very narrow range for an extended period of time and is about to break out of that range.

XRP/BTC looks set for a big push pic.twitter.com/O0lzuHbTCZ

— Crypto Michael (@MichaelXBT) September 8, 2024

But which direction will the price of XRP go? Well, according to the analyst, if the cryptocurrency manages to reach $0.55, it will head north.

Fundamental catalysts could also be in play for XRP. For example, the company just announced that its stablecoin will likely launch this year. If it has widespread adoption, that could have an impact as well.

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