Although Ripple’s XRP is a tool for cross-border payments, Bitcoin (BTC) was intended to be a decentralised payment system and is currently viewed as a hedge against global inflation. The price trajectories of both BTC and XRP might be greatly impacted by important regulatory developments, such as Bitcoin ETF filings and Ripple’s continuing case with the US Securities and Exchange Commission, which is scheduled for April 2024. The price performance of BTC and XRP in 2024 will also be influenced by competition, outside events, market sentiment, utility and acceptance, and technological developments.
Despite having different designs and objectives, BTC and XRP are among the most talked-about cryptocurrencies in the market. When it comes to total market capitalization, Bitcoin has always been ahead of the competition, and the difference still seems to be rather large. This does not imply, however, that other cryptocurrencies cannot do better than it in the long run.
In the world of cryptocurrencies, 2024 is already promising to be a very exciting year. Many people predict that a fresh bull run will begin then. It appears that the most important element affecting the price of cryptocurrencies is regulatory developments. A spot Bitcoin ETF has several filings that are presently awaiting examination and possible approval. However, Ripple keeps winning more and more in its legal battle with the US Securities and Exchange Commission. The trial is scheduled for April 2024, and the result will probably have a significant effect on XRP’s price.
The price performance of BTC and XRP in 2024 will also be influenced by competition, outside events, market sentiment, utility and acceptance, and technological developments. Since it was the first cryptocurrency, Bitcoin has taken the lead and is frequently seen as “digital gold” and a store of wealth. Its perceived value as a hedge against conventional financial systems and value storage has a greater impact on its price than its usefulness as a currency. However, the goal of Ripple and its token, XRP, is to help banks and other financial institutions make real-time cross-border payments. Compared to Bitcoin, its value proposition is distinct.