XRP Could Outperform Bitcoin in 2021 – Crypto Analyst

Quick setting:

• Cryptocurrency Analyst Timothy Peterson Predicted XRP Might Surprise Everyone in 2021
• XRP may be well on its way to having a good year similar to 2017
• Bitcoin could be outperformed by XRP in 2021
• XRP is once again above the $ 0.25 price area and may be in the process of consolidation

Crypto analyst Timothy Peterson shared a recent XRP analysis. In his analysis, he explores a situation where XRP could surprise everyone in 2021 by having its best year since 2017. Additionally, XRP could outperform Bitcoin in 2021. Mr. Peterson shared his analysis via the following tweet with an accompanying chart that provides information that XRP may have just bottomed out in the cryptocurrency markets.

I know it doesn’t sound like much, but it is $ XRP lower price forward. I think people will be surprised #Ripplein 2021. It will likely have its best year since 2017 and possibly outperform #bitcoin. pic.twitter.com/sSwkPuS1Pl

– Timothy Peterson (@nsquaredcrypto) November 7, 2020

What the XRP / USDT chart says

In terms of current market performance, XRP appears to have come out of the bearish wedge identified in May by cryptocurrency analyst MagicPoopCannon. In the analysis, Magic predicted that XRP could potentially start a journey towards $ 0.77 if the descending wedge was broken. Below is a screenshot of his chart with updated XRP price data.

From the chart above, it is clear that XRP broke through the descending wedge in July of this year and attempted to break out of $ 0.33 on two occasions. Additionally, XRP is now consolidating between $ 0.22 and $ 0.27. The $ 0.25 price area currently provides adequate support for the digital asset.

The current consolidation of XRP, as in 2017, could continue throughout the remainder of 2020, thus providing a good entrance for those willing to bet on XRP mooning in 2021.

Ripple’s exit from the US could be a catalyst for XRP’s growth

In mid-October, Ripple CEO Brad Garlinghouse expressed the company’s intention to exit the US market due to regulatory uncertainty. His statement regarding Ripple’s departure from the United States came after the Justice Department released “contradictory guidance” on how digital assets should be regulated.

In his reply, Mr. Garlinghouse had this to say.

[the] The DOJ report lists 8 separate US registrars, each with a different view: Cryptography is a property, Cryptography is a commodity, Cryptography is a virtual currency, Cryptography is a security, etc. Regulation shouldn’t be a guessing game.

To make matters worse, some US regulators have already made decisions that actively favor Chinese technologies OVER US companies. Legislation such as the #DCEA it can bring US companies on an equal footing.

The lack of a single national regulatory framework is putting US innovation and companies at a significant disadvantage. All we ask for is a level playing field: if we have to move to another country to get it, then this is the path we will have to take.

If Ripple continues to leave the US, uncertainty about whether XRP is a US stock may no longer be a big deal. Additionally, investors will now see the potential of XRP in alleviating the pain points of cross-border payments. As a result, XRP could thrive in the cryptocurrency markets.

However, Ripple may wait a while with the new administration about to enter the White House. Perhaps 2021 could be the year that the various organs of the United States government agree on the regulation of digital assets. If so, XRP will thrive too.