- The XRP price recently dropped 10%, but it could still surpass its 2018 ATH if the broader altcoin market remains strong.
- Market experts say XRP’s future gains depend heavily on the overall momentum of altcoins and continued investor confidence.
Despite a steep decline in price, XRP is still on track for a strong comeback, according to Bitpanda’s deputy CEO, Lukas Enzersdorfer-Konrad. The cryptocurrency dipped by over 10% in the past 24 hours, but there are signs it could eventually climb past its all-time high from 2018.
XRP’s Fall May Be a Pause in a Bigger Rally
According to Marketcap data, XRP is currently trading at $3.11, down 9.49% from its recent high of $3.66.
While the decline may cause concern for some investors, Lukas Enzersdorfer-Konrad believes it is a normal correction that often occurs in fast-moving markets.
According to the update, he stated that XRP still has the potential to surpass its current all-time high of $3.84 if the overall market remains strong. A key factor that will influence XRP’s next move is how other altcoins perform.
Currently, the market is in a phase where Bitcoin is losing some of its dominance, and more money is flowing into alternative cryptocurrencies, also known as altcoins. XRP is benefiting from this shift.
CoinMarketCap’s Altcoin Season Index shifted from “Bitcoin Season” to “Altcoin Season” earlier this week, showing a stronger appetite for alternative digital assets.
Enzersdorfer-Konrad noted that there is no single event or trigger pushing XRP forward on its own. Instead, the progress of altcoins is tied to market sentiment and liquidity. He added that confidence in altcoins generally plays a significant role in XRP’s performance. Notably, the momentum from other coins could influence how far it goes.
While XRP’s price is getting a lot of attention, some crypto analysts think Ripple Labs could soon win another legal battle. As mentioned in our report, a crypto enthusiast has predicted that the case between Ripple and the US Securities and Exchange Commission (SEC) might be settled by August 15. This could also have a positive impact on XRP’s price.
Analysts Weigh In as XRP Shows Signs of Stability
In a separate development, Crypto Analyst Dom recently shared that XRP could climb as high as $7 or even $10. As noted in our previous news brief, others believe that the altcoin could reach a high of $17. However, he says this depends on how the market behaves in the coming weeks. While this may sound ambitious, recent indicators suggest a cautious optimism.
XRP is currently holding above its 50-day exponential moving average, which some analysts interpret as a bullish sign. Its relative strength index (RSI) has also fallen to a neutral range near 50, meaning the coin is neither overbought nor oversold. This may suggest that there is room for another upward move if buying interest returns.
Enzersdorfer-Konrad stressed that the key thing to watch now is whether the current momentum spreads to other altcoins or remains limited. If confidence continues to build and liquidity stays strong, XRP could still surprise the market in the near term.
In related news, following XRP’s strong price rally earlier this month, CNF reported that it surpassed American oil company Shell, with its market cap rising over $211 billion. This development has increased XRP’s standing as a valuable global asset.
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