Despite a 10% XRP plunge in the past 24 hours, the cryptocurrency-associated ripple is still on track to regroup and surpass the 2018 all-time high, according to a executive executive.
“Although it is difficult to determine the exact levels in such a fast-moving market, a further move beyond all time high is not surprising if the market conditions remain favorable and the cycle of capital from Bitcoin continues,” Bitpanda Deputy CEO Luke Enzersdorfer-Cointelegraph said on Wednesday.
XRP hinges at the wider market rally continue
XRP (XRP) reached a year-to-date high $ 3.66 last Friday, but the full time of $ 3.84 from January 2018 is still not worth it.
XRP trades at $ 3.21 at the time of publication, down 10.20% in the past 24 hours, According to Kay Nansen.
However, the EnzersDorfer-Constable that no clear catalyst will create an XRP outperform on its own, explaining that further upside down is likely to depend on the overall Altcoin market.
“The action of short-term prices for XRP depends on whether the current momentum throughout the Altcoin market continues,” EnzersDorfer-Constable EnzersDorfer said. The altcoin season of coinmarketcap Index.
Meanwhile, Bitcoin Dominance has Fall 5.41% over the past 30 days as the broadly crypto market has rallied – a pattern that many see as a sign of capital rotating in the altcoins.
XRP is “highly sensitive” to the wider feelings of altcoin
Enzersdorfer-Constable-Concerb said that if the liquidity remains strong and the confidence of the altcoins holds, there is room for more momentum. “XRP tends to be sensitive to the broader sentiment of altcoin and regulatory narratives.”
“The main thing to watch now is whether the momentum is expanding to other altcoins or remains concentrated – it will help determine how the XRP has long moved.”
Crypto’s analyst recently said Dom The remaining moves in the market.
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Meanwhile, Cointelegraph recently reported that XRP is holding up at the top 50-day Exponential transfer of average, strengthening bullish bias.
The Kamag Index — XRP child (RSI) is also cooled in neutral territory near 50. A neutral RSI is generally taken to say that the crypto asset is not in excessively thinking or oversold conditions.
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