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XRP, the cryptocurrency closely linked to Ripple, has taken a sharp 10% hit in the past 24 hours. Yet despite this drop, crypto experts still believe the token could make a strong comeback — potentially even surpassing its all-time high (ATH) set in 2018.
According to Lukas Enzersdorfer-Konrad, the deputy CEO of Bitpanda, the outlook for XRP isn’t entirely negative. In an interview with Cointelegraph, he noted that although predicting exact price levels in the volatile crypto market is difficult, XRP returning to or exceeding its previous ATH is “not off the table.” He emphasized that such a recovery depends on favorable market conditions and continued capital flow from Bitcoin to altcoins.
XRP recently hit a 2024 high of $3.66, coming very close to its all-time high of $3.84 from January 2018. At the time of writing, XRP is trading around $3.21, according to data from Nansen — down over 10% from its peak last week.
Despite this dip, XRP’s price performance still shows signs of broader market interest. Much of this momentum, however, hinges on the continuation of the current altcoin rally. Enzersdorfer-Konrad pointed out that XRP lacks a specific standalone catalyst that could push it higher independently. Instead, its short-term movements are likely to mirror the direction of the overall altcoin market.
The market is currently experiencing a shift, as indicated by CoinMarketCap’s Altcoin Season Index, which flipped from “Bitcoin Season” to “Altcoin Season” just this past Sunday. This suggests that investor focus is now rotating from Bitcoin into alternative cryptocurrencies, including XRP. Such shifts typically lead to increased liquidity and bullish momentum in non-Bitcoin assets — a trend that could benefit XRP significantly if it continues.
Bitcoin’s market dominance has dropped by over 5% in the last 30 days, reinforcing this trend of capital rotation. When Bitcoin’s dominance decreases while total crypto market capitalization grows, it often signals an environment in which altcoins, like XRP, can thrive.
Enzersdorfer-Konrad also explained that XRP is particularly sensitive to sentiment across the altcoin space. When confidence in altcoins is high and liquidity remains strong, XRP tends to perform well. However, if the broader sentiment weakens or becomes uncertain, XRP’s price could struggle to maintain upward momentum.
“The key thing to watch now is whether momentum broadens across other altcoins or remains concentrated,” said Enzersdorfer-Konrad. “This will help determine how sustained XRP’s move is.”
Technical indicators also show mixed signals. While XRP has managed to stay above its 50-day exponential moving average — a level often seen as a support zone — its relative strength index (RSI) has cooled down to near the neutral level of 50. This neutral RSI reading means XRP is not currently overbought or oversold, leaving room for future price movement in either direction.
Crypto analyst Dom recently stated that XRP could climb as high as $7 to $10 depending on how the overall market performs. This bullish forecast reflects the possibility of strong upward momentum, particularly if the altcoin market maintains its current trend.
Still, caution remains warranted. The lack of a distinct catalyst for XRP, combined with its sensitivity to external market trends, means that any bearish shifts in the broader market could negatively impact its performance. XRP holders and investors should pay close attention to wider altcoin activity and market liquidity to gauge potential future moves.
Regulatory narratives may also play a role. XRP’s price has previously reacted sharply to developments surrounding the SEC’s legal actions against Ripple Labs. Any significant updates in that case or in the broader U.S. crypto regulatory environment could affect investor sentiment around XRP.
In conclusion, while XRP’s recent 10% drop might seem like a red flag, analysts like Enzersdorfer-Konrad believe the token still holds potential for a significant rebound — even one that could take it beyond its all-time high. For that to happen, however, market conditions must remain favorable, altcoin momentum needs to stay strong, and investor confidence must be sustained.
For now, all eyes are on the altcoin market. If the rally continues and XRP maintains its position above key technical levels, a new price surge could be on the horizon.
