Despite a 10% plunge in xrp over the last 24 hours, a Bitpanda executive believes that the Ripple-linked cryptocurrency is still on track to potentially surpass its all-time high (ATH) of $3.84, set in January 2018. Lukas Enzersdorfer-Konrad, deputy CEO of Bitpanda, stated in an interview on Wednesday that although predicting specific price levels in the fast-moving market is challenging, xrp could still break its previous record if favorable market conditions persist.
Enzersdorfer-Konrad emphasized that the recent decline in XRP’s price doesn’t necessarily diminish its long-term prospects, and a recovery to ATH levels would be possible if capital continues to rotate from Bitcoin into altcoins.
Price action hinges on altcoin market momentum
Xrp recently hit a year-to-date high of $3.66 last Friday, but the coin has yet to retest its 2018 ATH of $3.84. Currently trading at $3.21, xrp has seen a 10.20% decline in the past 24 hours, according to Nansen.
Enzersdorfer-Konrad believes that xrp’s short-term price action will be heavily influenced by the overall sentiment in the altcoin market, especially considering Bitcoin’s dominance has decreased by 5.41% over the past month. This shift indicates a possible capital rotation from Bitcoin into altcoins, which many market analysts see as a bullish signal for altcoin performance, including XRP.
Source: Nansen
XRP sensitive to broader market sentiment
Xrp is “highly sensitive” to the broader altcoin market sentiment, according to Enzersdorfer-Konrad. He suggested that if liquidity remains strong and investor confidence in altcoins persists, there could be room for further bullish momentum for xrp.
The key thing to watch now, is whether momentum broadens across other altcoins or remains concentrated this will help determine how sustained XRP’s move is. Enzersdorfer-Konrad also pointed to XRP’s Relative Strength Index (RSI), which has recently cooled to a neutral position near 50. A neutral RSI indicates that the asset is neither overbought nor oversold, which often suggests potential for future movement either up or down.
XRP’s market outlook and analyst predictions
Crypto analysts remain optimistic about xrp’s potential, with some predicting the coin could reach as high as $7 to $10 depending on broader market movements. The coin’s RSI and exponential moving average (EMA), which has held above the 50-day EMA, both suggest a bullish bias in the market.
While the market sentiment surrounding altcoins remains volatile, xrp’s sensitivity to that sentiment and regulatory developments could prove pivotal for its price action in the coming weeks.