XRP, the cryptocurrency linked to Ripple, has faced a 10% drop in the past 24 hours. However, some experts believe in its ability to recover and possibly exceed its 2018 all-time high.
XRP's Drop and Current Status
XRP reached a year-to-date high of $3.66 last week but is currently trading at $3.21, down 10.20% over the past 24 hours.
XRP's Dependency on the Altcoin Market
According to Bitpanda deputy CEO Lukas Enzersdorfer-Konrad, further growth of XRP requires the overall momentum in the altcoin market to be sustained. He pointed out that short-term price movements of XRP will rely on trends in the altcoin market.
Experts' Predictions for XRP
Enzersdorfer-Konrad also stated that if liquidity remains strong and confidence in altcoins is high, there is a potential for further bullish momentum. Specifically, he mentioned: "The key thing to watch now is whether momentum broadens across other altcoins or remains concentrated - this will help determine how sustained XRP’s move is."
Despite the recent downturn, XRP continues to attract attention. Experts highlight the importance of the overall altcoin market condition as a prerequisite for the possibility of further growth of this cryptocurrency.
