Controversial crypto influencer BitBoy Crypto is bullish on XRP, predicting that the coin may one day overtake Bitcoin
Ben Armstrong, a renowned market commentator popularly known as BitBoy on YouTube, has boldly predicted XRP. In a video post, Armstrong gave details of how this could happen. The market commentator, however, noted that it has nothing to do with XRP flipping Bitcoin (BTC) in market capitalization.
Historical Bitcoin Performance Fuels Optimism
According to Armstrong, XRP might surpass Bitcoin in dominance in the ongoing bull run. He noted that in 2017, XRP moved against Bitcoin and made more gains for investors. Armstrong believes XRP can eat into Bitcoin’s dominance in the current bullish cycle.
The market commentator argued that XRP, as an asset, has the potential to achieve its projections. He stated that XRP did not do so well in the last bullish cycle due to the Ripple vs. SEC lawsuit. He suggests that with a possible shift in the lawsuit, XRP may not have any factor suppressing its upward price movement.
Armstrong clarified that if XRP outperforms Bitcoin in the returns it makes for investors and traders, it will wipe out Bitcoin’s dominance. If this happens, it implies that investors who put funds into XRP will make more profit than their Bitcoin contemporaries.
He insisted that historical precedence from 2017 supports his claims. Armstrong said that although XRP in 2017 did not flip the market capitalization of Bitcoin, the percentage gain for XRP was higher. He sees a repeat of that happening in the ongoing bullish run.
Market Metrics Support Bold Claims
On-chain data shows that Bitcoin has witnessed a slight decline of 6%, with XRP down 3% in November. Notably, between November 3 and December 3, XRP recorded a 450%. The token’s market capitalization also soared about five times, pushing it to $154.83 billion.
In the corresponding period, Bitcoin’s dominance plummeted to 52% initially before rebounding to approximately 60%. Armstrong predicts this scenario could play out again to give XRP an edge over the leading digital asset.
Within seven days, both assets have battled price volatility in the broader cryptocurrency space. In the last seven days, BTC crashed to a low of $92,218 in a development that shocked market anticipation.Â
The asset has struggled to return, but the $97,500 price mark is a strong resistance to breaking through. As of this writing, BTC is exchanging for $98,671 a 4.14% surge in the last 24 hours.
XRP has had its fair share of price fluctuation, dipping below $2.000 to $1.9984. However, after retracing to $2.00, XRP has found support at the $2.10 level. As of this writing, XRP trades at $2.328, a 3.72% increase in the last 24 hours.
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