Will Bitcoin surpass Ripple? (BTC vs XRP)

Key Takeaways:

• XRP is the token owned by the company Ripple.
• XRP is the native token for XRP Ledger.
• Even though BTC is the oldest crypto known, XRP has faster transaction power.
• Being a crypto with a blockchain, BTC is mainly utilized as a payment method or as a crypto to invest in only.

The crypto world has been a sector full of surprises since the day it was introduced to the world. ever since the pioneering crypto asset, Bitcoin’s idea, was shared, there has been an array of altcoins that have been worked upon and released to the world, bettering it one use case at a time for the Web3 world. One such project that has stood out in recent times has been Ripple labs’ XRP token.

To get a good understanding before deciding on the next token that you might explore investing in, here is an article curated especially for you to give you a quick understanding of Ripple and a comparison of the token with Bitcoin.

What is Ripple?

Ripple Labs introduced the token for XRP ledger, XRP tokens, in 2012. The inception of the token was not introduced as a competitor to Bitcoin but to solve the persistent issue of a global payment option. The XRP tokens were to be used as a payment method that would allow the users to transfer the assets that they hold more easily, whether they want to do that globally or domestically.

Working on their offering of the payment solution, the XRP tokens are mainly being used by banks and financial institutions today for various reasons. Some of them are:

• payment settlements
• cross-border transfers
• remittances.

As the main aim of the token is to simplify payments, Ripple Labs considers the XRP token an alternative to the ‘SWIFT’ method that is used by banks today. While using the SWIFT method may take about 4 days to complete the payment, XRP can make that happen within seconds.

Key Features of Ripple

• Ripple is well known for its quick transaction confirmation times. The process often takes only just a few seconds.
• The cost of sending XRP is generally lower compared to traditional cross-border payment methods and other crypto assets.
• XRP’s protocol allows for real-time settlement of transactions, making it attractive for financial institutions and cross-border payments.
• Ripple (XRP) offers solutions like On-Demand Liquidity (formerly xRapid) that help financial institutions source liquidity in different currencies using XRP.
• Ripple (XRP) aims for a level of decentralization in its network, although it has faced criticism for not being as decentralized as some other crypto assets.
• XRP works as a Bridge Currency. It can serve as a bridge currency, facilitating cross-border transactions by converting one currency to XRP and then to another currency.

Read On: Polygon vs Ripple

Latest news on Ripple

• Ripple CEO, Brad Garlinghouse, commented about the concerns that he has over the regulatory hurdles plaguing the US crypto industry at the DC Fintech Week conference.
• As their ongoing work to make payment easy for users, Ripple has joined hands with the payments fintech Onafriq to expand its remittance capabilities. This will help them in reaching customers in Africa and several Gulf nations, the United Kingdom, and Australia.

We’re proud to announce that our partner @Onafriq will utilize Ripple Payments, our crypto-enabled payments technology, to open up three new payments corridors between Africa and the rest of the world. 🌍

Learn more: https://t.co/FU0pjHuqIA

— Ripple (@Ripple) November 8, 2023

• One of the major global banking companies, HSBC, has shared plans to launch an institutional custody platform for tokenized securities in partnership with Ripple-owned tech firm Metaco. This will allow institutional investors to hold tokenized securities on its new custody platform.

1/3 📰@HSBC announced that it is working with @metaco_sa as it plans to launch a new digital assets custody service for institutional clients who invest in tokenised securities.

To learn more: https://t.co/aI6IiaEvhu

cc @MonicaLongSF @seamus_don @AdrienTreccani @Ripple pic.twitter.com/KiBCZVAqeA

— Metaco (@metaco_sa) November 8, 2023

Bitcoin vs Ripple: Comparative Analysis

What is Bitcoin?

The pioneering digital currency was created back in 2009 by an anonymous person or group commonly known as Satoshi Nakamoto. It operates on a decentralized technology called blockchain, where transactions are recorded in a public ledger.

Unlike traditional currencies, Bitcoin is not controlled by any central authority, like a government or central bank, and has a limited supply of 21 million coins, making it deflationary.

Bitcoin transactions are secure and transparent due to strong cryptographic techniques and the public nature of the blockchain. Users are represented by pseudonymous addresses, providing a level of privacy.

Bitcoin’s value can be volatile, and it’s used for various purposes, including online purchases, investment, and as a store of value. It has garnered attention for its potential to disrupt traditional financial systems and its role as a digital gold.

Key Features of Bitcoin

• BTC pioneered the concept of decentralization. It’s not controlled by any central authority.
• It is transparent. All BTC transactions are recorded publicly on the blockchain.
• It has a limited supply. There are only 21 million Bitcoins that will ever be created.
• It uses strong cryptographic techniques for protection.
• Its pseudonymous nature. Users are represented by addresses, not personal information.
• BTC can be globally accessible. It can be used worldwide with an internet connection.

Additional Read: BTC Halving 2024

Latest news on Bitcoin

• Surpassing the $36k mark since 2022, BTC has officially achieved the largest digital asset’s rally in November 2023.

#BTC

Short squeezed again.

👉https://t.co/HknRjCxOgc pic.twitter.com/Mq1MfCACFC

— CoinGlass (@coinglass_com) November 9, 2023

• After Canada, BTC ETFs are expected to go live in the UK, following the rumor in October 2023 that reported that the Blackrock bitcoin ETFs had been approved. With the market reaction being positive and believing it to be a game-changer for the crypto asset, a pivotal point everyone is waiting for is the approval of BTC ETF in the UK.

Key Differences of Bitcoin vs Ripple

Bitcoin (BTC) vs Ripple (XRP): Technical Analysis

Source: TradingView

Both BTC and XRP have had an interesting year, as both the crypto tokens have shown reasonable performances in 2023. Bitcoin has been anticipating reaching the $40k mark by the end of the year and has been maintaining support at $35k for quite some time.

XRP has had a steady journey this year, with the aim to reach $0.8 by the end of November. After its win against the SEC, the XRP community has been anticipating a bull run, which may have influenced the spike. Given the XRP price tends on a bullish run at the beginning of 2024, it may also aim to reach $1 in 2024.

Bitcoin Price Prediction

Source: TradingView

The BTC price is currently running above $35,000, at the time of writing, with a 1.7% drop in value over the last 24 hours and a market cap of $700,152,668,798. Given the history where the BTC halving event has brought a significant amount of interest into the project, the price is expected to keep up its trajectory towards breaking out from the $36 mark by the end of the week.

If the BTC price manages to move past the $36 level and persists with the same vigor, the BTC price may become adventurous and make an attempt to reach the much anticipated $45,000 mark by the end of the year 2023.

Read More: Bitcoin Price Prediction

Ripple Price Prediction

Source: TradingView

The XRP price is currently running slightly above $0.63, at the time of writing, with a 3.08% drop in value over the last 24 hours and a market cap of $33,998,612,994. The journey of XRP has been pretty interesting in 2023, especially after its win against the SEC, as the XRP price saw an impressive surge in its value of over 74%!

If the continued journey of XRP for the rest of 2023 remains within the same trajectory, the token has the possibility to end the year with a value range of $0.8 – $0.9.

Learn More: Ripple Price Prediction

Should you invest in Bitcoin (BTC) or Ripple (XRP)?

The two tokens in discussion have distinguished themselves in the crypto space with their unique features. While both are fundamentally different, they had an amazing year in 2023. Bitcoin for its Bitcoin Halving event and XRP for winning its case against the SEC.

BTC was introduced as a Peer-to-peer mode of payment, whereas XRP has been a technology that banks have been implementing for faster transactions and easier tracking. While Bitcoin is the oldest crypto asset we know of, XRP was introduced back in 2012. However, it has held its ground and has been one of the steady crypto projects. Even though Ripple (XRP) is designed to facilitate cross-border payments and may appeal to those interested in the fintech sector, it faces unique risks due to its centralized nature and ongoing legal issues.

In conclusion, the choice between Bitcoin and Ripple (XRP) as an investment depends on individual preferences, risk tolerance, and investment objectives. Bitcoin, with its status as a digital store of value and widespread recognition, appeals to those seeking a long-term investment.

Diversifying one’s investment portfolio and staying well-informed about the latest developments in the crypto market are wise strategies. It’s crucial to conduct thorough research and consider expert advice before making investment decisions. Furthermore, being mindful of regulatory factors is essential, as different countries may subject these cryptos to varying regulations. In this highly speculative and volatile market, a well-considered investment strategy is key to making informed decisions that align with individual financial goals and risk tolerance.

How to buy BTC & XRP

Investing in Bitcoin BTC or XRP is extremely simple, fast, and secure with the CoinDCX App. All you need to do is register on the platform. To register, follow the below-mentioned steps:

• Download Bitcoin App India
• Register by entering your details.
• Complete KYC and verify your mobile and email.
• Once your profile is validated, add funds to your wallet
•  Buy BTC or XRP.