Kenny Dalglish's side travel to Old Trafford on Saturday looking to disrupt United's chase for an unprecedented 20th league title.
Liverpool fans could only watch in horror last season as Sir Alex Ferguson finally bested the Anfield club's proud record of 18 league titles but under Dalglish the club has enjoyed some success in games between England's two most successful teams.
The Reds most recently knocked United out of the FA Cup with a 2-1 win at Anfield and will be desperately hoping to further hurt their rival's chances of winning silverware this season by beating them on Saturday.
However, Giggs has warned his team-mates not to hand back the Merseysiders the initiative to catch United.
"[Liverpool] They're a club similar to us with a massive history," Giggs said in the Sun.
"It's the club we tried to catch for so long and now we've caught them, the challenge is to stay ahead."
"We're the two most successful teams in the country, so we know we've got to perform and play well to get anything from any game against them."
"We're not quite at the make-or-break part of the season but it's an important time and we know that if we win these games we'll be in good shape."
Giggs has been one of the main protagonist for United's surge past Liverpool in the trophy stakes. He made his United debut in 1992 when Liverpool were still the dominant force in England with 11 more titles than United but since then he has helped the club win 12 Premier League titles to overtake the Merseysiders.
He is now just two games away from his 900th for the club.
"I'm proud because 900 is a lot of games, especially with a club I've supported and loved for so long," Giggs said.
Giggs is presently halfway through the latest in a succession of one-year contracts that have become the norm for the Welshman since he entered his thirties.