A well-known analyst in the world of cryptocurrencies recently made a bold prediction, stating that the price of XRP will soon surpass that of Bitcoin. This prediction is based on a significant technical indicator, as shared by the popular analyst Cryptoinsightuk on the social media platform X. According to the analyst, the BTC/XRP pair is currently in a reversal zone on a monthly timeframe.
The analyst further explained that the monthly Relative Strength Index (RSI) of the XRP/BTC pair is currently at its lowest level ever. In the past, when the RSI dropped significantly, XRP’s price experienced massive increases. In fact, in the two previous instances of such drops, XRP saw price surges of 5,251% and 498% against Bitcoin.
However, the analyst also acknowledged that emotions in the market can change rapidly, especially when the narrative surrounding a cryptocurrency shifts. Despite XRP’s potential positive catalysts, the cryptocurrency has been underperforming compared to Bitcoin. XRP’s price has dropped by about 15% this year and has only increased by 0.8% in the last 12 months.
Meanwhile, Bitcoin’s price has seen significant growth, increasing by 61.5% this year and over 150% in the last 12 months. This growth has been partly attributed 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 largest ETF offering exposure to Bitcoin. This shift is said to be a result of Grayscale’s high fees, which led investors to opt for BlackRock’s lower-cost alternative. Regulatory filings have revealed that BlackRock’s income and bond-focused funds have also added exposure to their spot Bitcoin ETF by purchasing shares of the iShares Bitcoin Trust.
It is important to note that the information provided in this article should not be considered as investment advice. Cryptocurrencies are highly volatile and carry risks, and investors should conduct their own research before making any investment decisions.
