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: CoinMarketCapIt’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: CoinMarketCapXRP 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 launch this year. If it meets widespread adoption, this might also have an impact.