Bitcoin (BTC), which has regained the $71,000 mark, seems like it is preparing for another leg of bullish growth. Global crypto market capitalization jumped 3%, to $2.51 billion. BTC’s rally may lead to other crypto-assets, like Ripple XRP.
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XRP: Its Growth Potential and Struggles
While Bitcoin (BTC), is gaining momentum, XRP struggles to break through the $0.55 threshold. The asset’s price has risen 2% within the last 24 hour, but it is still down 3.4% weekly, 3.7% 14-day, 15.7% monthly, and by 3.4% over October 2023.
Why is XRP struggling amid Bitcoin’s rally?
Ripple’s XRP has endured a difficult few years. It is now down 84.6% compared to its high point of $3.40 in January 2018 – more than six year ago. Bitcoin (BTC) is only down 3.9% since its high point of $73,737.94.
XRP’s Low Performance
XRP could have a poor performance due to a low level of investor confidence. Ripple fought a long legal battle against the SEC. Fintech firm Ripple settled the case recently, paying $125 million in fines. Despite the conclusion of the case, investors are still wary of XRP. As more trading opportunities emerge, traders may book profits on other assets.
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When BTC reaches $73,000, will the asset reach $1.50?
Analysts at CoinCodex predict that BTC will surpass $73,000 on October 31, 2024. It will reach a new record high of $76,107. It will lead to a rally around 7.34%.
CoinCodex, on the other hand predicts that Ripple’s XRP, will reach $0.70 in 2024 after BTC reaches $76,107. XRP’s $0.70 price will cause a 34.62% increase in value.
XRP’s rally is expected to be higher, however the asset might not reach $1.50 anytime soon.
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Source: watcher.guru
