- The upcoming consumer price index (CPI) report could be a significant catalyst for the price of XRP, according to Evai CEO Matthew Dixon.
- A weaker-than-expected CPI reading is expected to boost the token’s price, with predictions of it surpassing the $0.6 level later this month.
- Despite Ripple’s partial win in 2023, XRP has been underperforming Bitcoin this year, with the lawsuit’s conclusion potentially serving as a bullish catalyst for the token.
As the upcoming CPI report looms, Evai CEO Matthew Dixon suggests it could awaken a “sleeping giant” that could propel the price of XRP cryptocurrency much higher.
XRP Price Predictions Amid CPI Report
Matthew Dixon, the CEO of Evai, suggests that the upcoming consumer price index (CPI) report could be a significant catalyst for the price of XRP. A weaker-than-expected CPI reading is expected to boost the token’s price, with Dixon predicting it could surpass the $0.6 level later this month. At press time, XRP is changing hands at $0.5056 after peaking at $0.5217 earlier today.
Market Reactions to Federal Reserve Statements
The main U.S. stock indexes seem to be on track to record their eighth consecutive day in a row following some dovish statements made by Federal Reserve Chair Jerome Powell. Powell dismissed the stagflation concerns that had plagued the markets in April, pushing the Bitcoin price to as low as the $56,000 level. Analysts expect a 0.3% CPI increase next Wednesday. However, a lower-than-expected reading will be a boon for risk assets, which include major altcoins such as XRP.
Tom Lee’s Inflation Predictions and XRP’s Performance
As reported by CoinOtag, cryptocurrency bull Tom Lee recently predicted a dramatic inflation drop. The Fundstrat cofounder sees inflation declining substantially in the second half of the year. This, he believes, could eventually propel the Bitcoin price to $150,000 this year. XRP has been severely underperforming Bitcoin this year despite Ripple’s partial win in 2023. The lawsuit is finally approaching its much-anticipated conclusion, but it is not clear whether this will be a bullish catalyst for the token this year.
Conclusion
With the upcoming CPI report potentially serving as a significant catalyst for the price of XRP, investors will be closely watching market reactions. Despite underperforming Bitcoin this year, the conclusion of Ripple’s lawsuit could serve as a bullish catalyst for the token. As the crypto market continues to evolve, these developments highlight the importance of staying informed and understanding the various factors that can influence cryptocurrency prices.
