According to CryptoPotato, while Bitcoin (BTC) was designed as a decentralized payment system and is now seen as a protection against global inflation, Ripple’s XRP is a tool for cross-border payments. Key regulatory developments, like Bitcoin ETF filings and Ripple’s ongoing case with the US Securities and Exchange Commission set for April 2024, could significantly influence the price trajectories of both BTC and XRP. Other factors affecting BTC and XRP’s price performance in 2024 include technological advancements, market sentiment, utility and adoption, competition, and external events.

BTC and XRP, albeit different in design and purpose, are two of the most heavily discussed cryptocurrencies in the industry. BTC has always been in the lead as the number one coin by means of total market capitalization, and to this day, the gap seems tremendous. However, this doesn’t necessarily mean that other cryptocurrencies can’t outperform it over a certain period of time.

2024 is shaping up to be a very interesting year in the field of cryptocurrencies, and many believe that’s when a new bull run will come. Regulatory developments seem to be top on the list of factors influencing the price of cryptocurrencies. There are multiple filings for a spot Bitcoin ETF that are currently pending review and potential approval. On the other hand, Ripple continues scoring win after win in its case against the US Securities and Exchange Commission. The trial is set for April 2024, and its outcome will likely have a massive impact on the price of XRP.

Other factors concerning BTC and XRP price performance in 2024 include technological advancements, market sentiment, utility and adoption, competition, and external events. Bitcoin, being the first cryptocurrency, has established a dominant position and is often seen as a store of value and “digital gold.” Its price is less influenced by its utility as a currency and more by its perception as a value store and hedge against traditional financial systems. On the other hand, Ripple and its associated token, XRP, are focused on facilitating real-time cross-border payments for banks and financial institutions. Its value proposition is different from that of Bitcoin.