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A popular cryptocurrency analyst recently stated that XRP‘s price will soon outperform Bitcoin according to a significant technical indicator. The popular cryptocurrency analyst Cryptoinsightuk revealed in a post shared on the social media platform X that the BTC/XRP pair is in a reversal zone on a monthly timeframe.
What to Expect for XRP?
According to the popular analyst, the XRP/BTC pair’s monthly Relative Strength Index (RSI) is currently at its lowest level ever, and in the last two instances of such a significant drop, XRP increased by 5,251% and 498% against the flagship cryptocurrency.
However, the analyst noted that he sees many potential positive catalysts coming for XRP and that emotions can change extremely quickly when a narrative shifts. It is worth noting that XRP’s price has significantly underperformed the flagship cryptocurrency, dropping about 15% year-to-date and increasing only 0.8% in the last 12 months.
Meanwhile, Bitcoin’s price has increased by 61.5% so far this year and over 150% in the last 12 months, partly facilitated by the launch of spot Bitcoin exchange-traded funds in the US, allowing institutional investors to gain exposure to the cryptocurrency.
ETF Space and Bitcoin
Notably, BlackRock’s iShares Bitcoin Trust (IBIT) has surpassed Grayscale Bitcoin Trust (GBTC) in Bitcoin holdings, making it the world’s largest exchange-traded fund offering investors the opportunity to invest in Bitcoin. Analysts attribute this shift to Grayscale’s high fees, which led investors to BlackRock’s lower-cost alternative following the conversion of GBTC to a spot Bitcoin ETF and the commencement of trading of many such ETFs in the United States.
Notably, BlackRock’s income and bond-focused funds recently 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.
