XRP, Hedera Could Outperform Bitcoin in 2026, Says Canary Capital CEO

Steven McClurg of Canary Capital presents a sobering view of Bitcoin’s immediate future. He identifies October 6, 2025, as the peak, with BTC reaching $126,200 before declining approximately 35% to its cited level of about $95,800. His analysis suggests the correction is far from over. McClurg warns that prices could fall another 20–30% over the next six to nine months, potentially placing Bitcoin between $65,000 and $77,000. Crucially, he does not expect a new all-time high in 2026, indicating the market may be entering a more prolonged phase of weakness.

Against this backdrop, McClurg shifts focus toward assets with demonstrable utility, suggesting a market pivot away from pure speculation. He argues that when speculative momentum fades, platforms with clear practical applications—such as payment rails, tokenized asset infrastructure, or stablecoin systems—have a better chance of holding their value. This thesis forms the core of his prediction for a performance split within the crypto asset class, where enterprise adoption becomes a key differentiator.

McClurg specifically names the XRP Ledger and Hedera as prime examples of networks positioned to benefit from this shift toward practical applications. He highlights their roles in enterprise tokenization efforts, suggesting that real-world use cases could provide a foundational support level absent in more speculative assets. For investors, the appeal lies not in explosive growth but in stability and modest, sustainable gains.

The CEO’s expectations for these tokens are measured. He does not foresee a dramatic price surge for XRP or Hedera. Instead, reports indicate he anticipates the likeliest outcome to be modest, low double-digit percentage gains. This stands in stark contrast to his bearish outlook for Bitcoin. The argument is that these protocols could deliver positive returns or simply remain flat while the broader market, led by BTC, experiences significant downward pressure.

McClurg’s scenario centers on the concept of relative outperformance rather than a complete decoupling from Bitcoin’s market influence. He acknowledges a critical historical reality: altcoins often suffer greater losses during broad market downturns. Liquidity tends to evaporate during significant Bitcoin sell-offs, dragging down even assets with solid fundamentals in a widespread risk-off episode.

Therefore, the more plausible outcome, in his view, is not that XRP or Hedera will rally independently, but that they will decline less severely than Bitcoin. In layman’s terms, they would look stronger by comparison. This relative strength would still be notable for long-term holders and enterprises planning tokenization projects, as it suggests a more stable foundation for development and adoption, even if it falls short of a dramatic price narrative.

The analysis underscores a nuanced market forecast. While Bitcoin faces the prospect of a deeper correction, a subset of the crypto ecosystem tied to tangible enterprise use cases—exemplified by XRP and Hedera—might carve a path of relative resilience. For investors, the coming months may test the thesis that utility can provide a meaningful buffer when speculative fervor recedes.