The comparison between Bitcoin (BTC) and Ripple (XRP) reveals that the two cryptocurrencies are performing somewhat differently over time.
In 2021, for example, XRP significantly outperformed BTC, as it registered +400%, compared to +85% for bitcoin.
However, BTC clearly dominates over the long term, since XRP has not yet surpassed the all-time high of January 2018 this year.
Taking the last 12 months as a reference, bitcoin registers +600%, while XRP +500%, but going back for example before the big speculative bubble at the end of 2017, bitcoin has since multiplied its value by at least ten times, while XRP stops at five.
Moreover, today’s drop for XRP scores -34% in the last week, while BTC stops at -14%.
The clash between Bitcoin and Ripple
Despite this, several Ripple exponents continue to criticize Bitcoin, probably to try (in vain) to promote XRP as an alternative.
For example, Ripple co-founder Chris Larsen argues that Bitcoin will have to abandon the Proof-of-Work (PoW) consensus algorithm in order to remain the dominant cryptocurrency worldwide, although this is an assumption that is not shared by virtually any Bitcoin expert.
The curious thing is that BTC and XRP are not actually competitors, although the communities of supporters of the two cryptocurrencies have been rivals since time immemorial. The clash mainly revolves around the refusal of Bitcoin supporters to consider XRP a fully-fledged cryptocurrency, due to the fact that most of the tokens are still in the hands of the private company Ripple, to which XRP supporters respond by arguing that from a technological point of view the cryptocurrency created by Ripple should be considered superior.
However, in both cases, and despite today’s declines, a number of bullish medium to long-term forecasts persist for both BTC and XRP.
For bitcoin, the idea that the price could reach $70,000 in the coming weeks or months is still persistently circulating, while for XRP, predictions have been circulating for some time that it could reach over $2, or even $2.5.
In other words, there are still many bullish investors in both bitcoin and XRP, despite the fact that prices have already risen a great deal over the course of 2021 and are now falling.