A well-known expert in the field of cryptocurrency recently made a bold prediction, stating that XRP will soon surpass Bitcoin in terms of price performance. The analyst, who goes by the name Cryptoinsightuk, shared this insight on the popular social media platform X, revealing that the BTC/XRP pair is currently in a reversal zone on a monthly timeframe.
So, what can we expect for XRP? According to the analyst, the monthly Relative Strength Index (RSI) for the XRP/BTC pair is currently at its lowest level ever. In the past, when XRP experienced such a significant drop in RSI, its price skyrocketed by 5,251% and 498% against Bitcoin. This suggests that XRP could be on the brink of a major surge.
However, the analyst also acknowledged that the cryptocurrency market is highly unpredictable and that emotions can shift rapidly. Despite the potential positive catalysts for XRP, such as upcoming developments and partnerships, it’s important to note that XRP has underperformed Bitcoin significantly. It has dropped around 15% year-to-date and has only seen a modest 0.8% increase in the last 12 months.
Meanwhile, Bitcoin has been thriving, with a 61.5% increase in price so far this year and a staggering 150% surge in the last 12 months. This can be attributed, in part, to the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States, which have allowed institutional investors to enter the market.
Notably, BlackRock’s iShares Bitcoin Trust (IBIT) has surpassed Grayscale Bitcoin Trust (GBTC) in terms of Bitcoin holdings, making it the world’s largest ETF for investing in Bitcoin. Analysts believe that this shift is due to Grayscale’s high fees, which prompted investors to switch to BlackRock’s lower-cost alternative after the conversion of GBTC to a spot Bitcoin ETF and the introduction of several similar ETFs in the US.
In a recent development, BlackRock’s income and bond-focused funds have also added exposure to their spot Bitcoin ETF. Regulatory filings show that BlackRock’s Strategic Income Opportunities Fund and Strategic Global Bond Fund have purchased shares of the iShares Bitcoin Trust.
It’s important to remember that the information provided in this article does not constitute investment advice. Cryptocurrencies are highly volatile and carry significant risks. Investors should conduct their own research and exercise caution when entering the market.
