Despite a 10% plunge in XRP over the past 24 hours, the Ripple-linked cryptocurrency is still on track to regroup and surpass its 2018 all-time high, according to a crypto executive.
โWhile itโs difficult to pinpoint exact levels in such a fast-moving market, a further move beyond the current all-time high would not be surprising if market conditions remain favourable and capital rotation from Bitcoin continues,โ Bitpanda deputy CEO Lukas Enzersdorfer-Konrad told Cointelegraph on Wednesday.
XRP hinges on the broader market rally continuingย
XRP (XRP) reached a year-to-date high of $3.66 last Friday, but has yet to retest its all-time high of $3.84 from January 2018.
XRP is trading at $3.21 at the time of publication, down 10.20% over the past 24 hours, according to Nansen.
However, Enzersdorfer-Konrad suggests thereโs no clear catalyst that would make XRP outperform on its own, explaining that further upside will likely depend on the overall altcoin market.
โShort-term price action for XRP will depend on whether the current momentum across the altcoin market continues,โ Enzersdorfer-Konrad said. CoinMarketCapโs Altcoin Season Index, aiming to gauge the marketโs appetite for Bitcoin and altcoins, shifted from โBitcoin Seasonโ to โAltcoin Seasonโ on Sunday.
Meanwhile, Bitcoin dominance has dropped 5.41% over the past 30 days as the broader crypto market has been rallying โ a pattern many see as a sign of capital rotating into altcoins.
XRP is โhighly sensitiveโ to wider altcoin sentiment
Enzersdorfer-Konrad said that if liquidity remains strong and confidence in altcoins holds, there is room for more bullish momentum. โXRP tends to be highly sensitive to broader altcoin sentiment and regulatory narratives.โ
โThe key thing to watch now is whether momentum broadens across other altcoins or remains concentrated โ this will help determine how sustained XRPโs move is.โ
Crypto analyst Dom recently said XRP may reach as high as $7 to $10, depending on how much the rest of the market moves.
Related: Bitcoin bull run โlikely close to overโ says trader as XRP flips McDonald’s
Meanwhile, Cointelegraph recently reported that XRP is holding above the 50-day exponential moving average, reinforcing bullish bias.ย
The XRP relative strength index (RSI) has also cooled to neutral territory near 50. A neutral RSI is typically taken to mean that the crypto asset is neither in overbought or oversold conditions.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
