XRP Drops 10%, But All-Time High Still Possible, Says Bitpanda Executive

XRP Drops 10%, But Optimism Remains

XRP Drops 10% within the last 24 hours. Despite this setback, Bitpanda’s Deputy CEO Lukas Enzersdorfer-Konrad believes XRP can still hit its all-time high (ATH) from 2018.

He told Cointelegraph, “In a fast-moving market, exact price levels are hard to predict. However, if conditions stay favorable and Bitcoin’s capital rotation continues, breaking the ATH is possible.”

Altcoin Momentum Key to XRP Drops Rally

XRP reached $3.66 last Friday, its highest price this year, but it has not yet tested the $3.84 ATH from January 2018.

Currently trading at $3.21, XRP is down 10.2% in one day according to Nansen data.

Enzersdorfer-Konrad highlighted that XRP lacks a unique catalyst to outperform the market and that its rally depends largely on altcoin market performance.

“Short-term price moves for XRP depend on whether altcoin momentum holds strong,” he said.

Market Shift: From Bitcoin to Altcoins

The Altcoin Season Index recently shifted from “Bitcoin Season” to “Altcoin Season,” signaling increased investor interest in altcoins.

Bitcoin dominance dropped 5.41% over the past month, indicating funds are flowing into altcoins, including XRP.

XRP Sensitive to Market Sentiment and Regulations

XRP’s potential for growth relies on stable liquidity and positive market sentiment towards altcoins.

Enzersdorfer-Konrad added, “Watch if momentum spreads to other altcoins or remains isolated. This will influence XRP’s rally continuation.”

Crypto analyst Dom forecasts XRP could reach $7 to $10, depending on overall market trends.

Technical Signals Support Bullish Outlook

XRP remains above its 50-day exponential moving average, a bullish indicator reported by Cointelegraph.

Additionally, the Relative Strength Index (RSI) sits near 50, indicating XRP is neither overbought nor oversold.

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