Bitpanda operator: XRP fell more than 11% but the possibility of returning to peak levels still exists.

Although it has fallen more than 11% in the past 24 hours, XRP is still on track to bounce back and may surpass the historical peak of 2018, according to an operator.

"Although it is very difficult to accurately determine price points in a rapidly changing market like today, it would not be surprising for XRP to surpass the current peak if market conditions remain favorable and capital continues to flow from Bitcoin," said Lukas Enzersdorfer-Konrad, Vice CEO of Bitpanda, on Wednesday.

XRP depends on the upward momentum of the entire market

XRP reached its highest level of the year so far at $3.66 last Friday, but has not yet retested the all-time high of $3.84 from January 2018.

As of the time of writing, XRP is trading at $3.1, falling more than 10% in the past 24 hours.

XRP price chart 3 hours | Source: TradingViewHowever, Enzersdorfer-Konrad believes that there are no clear driving factors for XRP to stand out on its own, and explains that the potential for further growth of this coin will largely depend on the entire altcoin market.

"The short-term price movement of XRP will depend on whether the current upward momentum in the altcoin market can be sustained," Enzersdorfer-Konrad noted.

The CoinMarketCap altcoin season index — aimed at measuring the level of market interest in Bitcoin and altcoins — shifted from "Bitcoin Season" to "Altcoin Season" last Sunday.

Meanwhile, Bitcoin's dominance rate has fallen by 5.41% over the past 30 days as the crypto market as a whole has surged — a trend that many see as a sign that capital is shifting towards altcoins.

XRP is very "sensitive" to the overall sentiment of the altcoin market

Enzersdorfer-Konrad stated that if liquidity remains abundant and confidence in altcoins is maintained, there is still room for a stronger rally.

"XRP tends to be very sensitive to the overall sentiment of the altcoin market and developments related to regulatory issues. An important aspect to monitor right now is whether the upward momentum will spread to other altcoins or remain concentrated in just a few — this factor will help determine the sustainability of the XRP price uptrend."

Analyst Dom recently stated that XRP could reach a high of 7 to 10 dollars, depending on the level of growth of the rest of the market.

Meanwhile, XRP is still holding steady above the 50-day exponential moving average (EMA), reinforcing the bullish trend.

The relative strength index (RSI) of XRP has also cooled down to the neutral zone around the level of 50. A neutral RSI is generally understood to mean that this cryptocurrency is currently not in an overbought or oversold state.

Đình Đình