Water based concrete paint peeling and cracking. What to do?
Not waiting between coats would be the cause, 6 to 8-hours is the usual wait for normal evenly rolled-on coats. But, with top-quality paints like Behr or Valspar I wait a day, because of rare lift-off issues. They take a month after that to cure &amp; solidify. Another cause would be Cold, but you didn't indicate any such situation &amp; if would need to be below 50-degrees.

You can strip it or you can skim-coat it with drywall Joint Compound to then start over with the primer &amp; everything. Don't run your roller dry, just try to even everything out. Paint in floor to ceiling single strips &amp; don't do a "Z", "N", "V" or "W" application pattern. Do 3 strips &amp; then go back over those to smooth &amp; even them out. Typically, only 1-coat is needed unless you're jumping to the other side of the color spectrum.