Ripple ($XRP), Expected to Renew High Despite 10% Plunge… “Bitcoin Capital Circulation and Altcoin Season Are Key”

Despite XRP's price dropping by more than 10% in 24 hours, market experts are leaning towards the possibility of breaking its all-time high. Lukas Enzersdorfer-Konrad, vice president of crypto broker Bitpanda, stated, "If the market maintains a favorable trend and capital circulation from BTC continues, it is entirely possible to see movements beyond the current peak." Recently, XRP has shown strength riding the global cryptocurrency rally. Last Friday, it led the upward trend by recording its highest price this year at $3.66, though it has not yet reached its all-time high of $3.84 from January 2018. Currently, XRP is trading at $3.21, down 10.2% from the previous day. According to the crypto analysis platform Nansen, this decline appears to be in line with the overall market correction. However, the industry predominantly views this adjustment as a breather for a potential long-term rebound. Market participants are focusing on XRP's potential for growth, believing it could benefit significantly if the 'altcoin season' begins, with funds moving from BTC to other assets. Particularly, with the US election approaching, potential changes in cryptocurrency regulation based on Trump's actions are expected to influence the price movements of major altcoins like XRP.