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$XRP, one of the altcoins that benefited most from the victory of US President Donald Trump, made a big move in the latest rise.
At this point, $XRP has surpassed $3.6, reaching a new $ATH, while experiencing a 10% drop in the last 24 hours.
While this decline has made investors nervous, the Bitpanda executive said that $XRP could reach a new record high despite its recent decline.
Lukas Enzersdorfer-Konrad, deputy CEO of European cryptocurrency platform Bitpanda, said that Ripple ($XRP) is likely to reach a new record high despite experiencing a nearly 10% drop in the last 24 hours.
The Bitpanda executive noted that it is difficult to pinpoint exactly where $XRP is heading, but it is not impossible for the price to break above new ATHs.
“While it's difficult to pinpoint exact levels in such a fast-moving market, if market conditions remain favorable and capital flows continue to flow from Bitcoin to altcoins, a break above the current record high wouldn't be surprising.”
The Bitpanda executive stated that there is no clear catalyst that would make $XRP outperform on its own, saying that $XRP reaching new ATHs will likely depend on the overall altcoin market.
“$XRP's short-term price trend will depend on whether the current bullish momentum in the altcoin market continues, as $XRP tends to be quite sensitive to overall altcoin sentiment and regulatory rhetoric.”
*This is not investment advice.