Despite a sharp 10% decline in the last 24 hours, the cryptocurrency XRP remains on track to surpass its historic high from 2018, according to Bitpanda’s deputy CEO.
XRP still has growth ambitions after slump
Although XRP lost 10% of its value within 48 hours and is currently trading at $3.08, experts remain optimistic. According to Bitpanda deputy CEO Lukas Enzersdorfer-Konrad, XRP could still reach a new all-time high if market conditions remain favorable. Another important factor is the shift of capital from Bitcoin to altcoins.
The technical situation also contributes to a certain stability. XRP is holding above its 50-day moving average and the RSI index is close to the neutral value of 50. The market thus remains open to movement in both directions, and its direction will be determined by further developments in the altcoin segment.
Altcoin season as a key catalyst
The future of XRP depends on whether the current altcoin rally gains momentum. XRP is highly sensitive to sentiment in the altcoin segment. And it is the continuing outflow of capital from bitcoin that may determine whether it will surpass its historic high of $3.84 in 2018.
Analysts point out that Bitcoin’s market dominance has fallen by more than 5% in recent weeks. This signals a greater willingness among investors to take risks and move funds into smaller cryptocurrencies. If this trend continues, XRP could rise again in the coming weeks – some are even speculating that it could reach a price range of between $7 and $10.
