The post Ripple (XRP) to Outperform Bitcoin’s Price Under This Condition: Analyst appeared on BitcoinEthereumNews.com.

The cryptocurrency market has been in a state of decline throughout the past few months. The total capitalization hovers slightly above $2 trillion, but one analyst has come up with an interesting comparison, claiming that XRP might be able to outperform BTC. Before we take a look at it, though, let’s put in a bit of context. BTC vs. XRP Prices in 2024 So far, in 2024, BTC has had a relatively good time. It opened the year trading at around $42K and has increased to $55K, where it’s currently at. This represents an increase of around 30%. Source: CoinMarketCap It’s worth noting, of course, that, during this period, the leading cryptocurrency also reached a high above $70K and is currently in a correction. Its price action in 2024 has been rather tumultuous. Ripple’s XRP, on the other hand, opened the year at around $0.61. At the time of this writing, it’s trading at $0.53, representing a decrease of 13%. Source: CoinMarketCap XRP hasn’t been as convincing in 2024, but one well-known analyst believes that this might be about to change. XRP to Squeeze Against BTC According to Crypto Michael, a well-known trader on X, the XRP/BTC chart looks as if there’s a squeeze incoming. A ‘squeeze’ is a term used to describe a situation where the price has been trading within a very narrow range for a prolonged period of time and is about to break out of this range. XRP/BTC looks ready for a huge squeeze pic.twitter.com/O0lzuHbTCZ — Crypto Michael (@MichaelXBT) September 8, 2024 But which way will XRP’s price go? Well, according to the analyst, if the cryptocurrency manages to reach $0.55, it will be heading north. Fundamental catalysts might also be in play for XRP. For instance, the company just announced that their stablecoin will likely…

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Filed under: News - @ September 9, 2024 8:25 am