A popular cryptocurrency analyst has recently revealed he believes the price of the native token of the XRP Ledger is set to soon vastly outperform the flagship cryptocurrency Bitcoin ($BTC) over a key technical indicator.
In a post shared on the microblogging platform X (formerly known as Twitter), popular cryptocurrency analyst Cryptoinsightuk revealed that on a monthly timeframe the price o XRP in BTC is in “reversal territory.”
Per his words the XRP/BTC monthly Relative Strength Index (RSI) is currently at its lowest level ever, and in the last two occasions it dropped so significantly XRP rose 5,251% and 498% against the flagship cryptocurrency.
The analyst noted, however, that he can see “many potential positive catalysts coming for XRP,” and that once something changes its narrative then “sentiment can change extremely quickly.”
$XRP Vs $BTC Monthly.On the monthly timeframe, $XRP price vs $BTC is in reversal territory. The last 3 entries into this are have seen significant moves to the upside.Additionally, the monthly RSI is at it's lowest EVER reading vs $BTC. The last two occasions we saw this… pic.twitter.com/ZdVRPEngNi
— Cryptoinsightuk (@Cryptoinsightuk) May 31, 2024
It’s worth noting that the price of XRP has been significantly underperforming the flagship cryptocurrency, having dropped around 15% year-to-date and risen just 0.8% over the last 12 months.
Meanwhile, the price of Bitcoin rose 61.5% so far this year and over 150% in the last 12 months, partly with the help of the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States, which made it easier for institutional investors to gain exposure to the cryptocurrency.
Notably BlackRock’s iShares Bitcoin Trust (IBIT) has seen its BTC holdings surpass those of the Grayscale Bitcoin Trust (GBTC), making it the world’s largest exchange-traded fund offering investors exposure to the price of Bitcoin.
Analysts attribute this shift to Grayscale’s higher fees, which have driven investors towards BlackRock’s lower-cost alternative after GBTC was converted into a spot Bitcoin ETF at the same time several of these ETFs started trading in the United States.
Notably, BlackRock’s income and bond-focused funds have recently added exposure to its own spot Bitcoin ETF, with regulatory filings showing that BlackRock’s Strategic Income Opportunities Fund and Strategic Global Bond Fund purchased shares of iShares Bitcoin Trust.
Featured image via Pixabay.
