- Crypto founder Matthew Dixon has made a bullish case for XRP, highlighting the factor that will cause the crypto token to experience that parabolic rise.
- A price rally for the crypto token looks well overdue, considering how it has continued to lag behind the broader crypto market.
- Dixon believes that a weaker consumer price index (CPI) data next week could propel XRP higher.
Matthew Dixon, crypto founder and CEO of Evai, predicts a bullish future for XRP, citing potential weaker CPI data as a catalyst for a price rally.
Lower CPI Data Could Boost XRP
Dixon, the Chief Executive Officer (CEO) of the crypto ratings platform Evai, mentioned in an X post that a weaker consumer price index (CPI) data next week “should awaken the sleeping giant and propel XRP higher.” There is the feeling that the CPI inflation data, set to be released on May 15th, could come in lower than expected, which Dixon believes will be positive for XRP’s price. This is because lower-than-expectation inflation data suggests that inflation in the US is cooling off. If so, the Fed could become open to lowering interest rates, which is good for crypto assets like XRP, as investors will be more willing to invest in risk assets when interest rates are lower.
Other Analysts Also Bullish on XRP
Dixon is known to be an ardent supporter of XRP and has continued to show optimism that XRP’s current impressive price action will soon be a thing of the past. From the chart he shared, the crypto founder hinted at XRP rising to around $0.62 when it makes a price rally. However, other crypto analysts have given more bullish predictions for XRP in the short term. One is crypto analyst Jonathan Carter, who recently predicted that XRP could rise as high as $1.68 soon enough. Unlike Dixon, Carter came from a technical analysis perspective, noting a symmetrical triangle formed on XRP’s chart. He claimed a successful breakout above the triangle could send XRP’s price to $1.68. Meanwhile, crypto analyst Egrag Crypto predicted that XRP could rise to a new all-time high (ATH) soon enough, stating that a significant pump to $5.89 was on the cards.
Confidence in XRP’s Parabolic Breakout
Egrag mentioned in an X (formerly Twitter) post that XRP bulls will ultimately emerge victorious in their fight against the bears. He made this statement while revealing that there have been two bullish candles and two bearish candles (on the weekly charts) since XRP experienced a price dump on April 8th. Egrag further claimed that a weekly close above $0.57 is bullish, while a close below $0.50 is bearish and “could break the structure.” Whatever happens, the crypto analyst is confident that XRP will eventually make that parabolic breakout. Most of Egrag’s followers also seem confident about that happening, as over 60% of the people who participated in a poll Egrag put out voted yes in support of the idea that XRP will not miss out on this bull run.
Conclusion
Despite XRP’s lagging performance in the broader crypto market, several analysts, including Matthew Dixon, Jonathan Carter, and Egrag Crypto, predict a bullish future for the crypto token. Factors such as potential lower CPI data and technical analysis patterns could propel XRP to new heights. As the crypto market continues to evolve, investors and enthusiasts will be keenly watching XRP’s performance.
