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.
This Event Will Awaken The “Sleeping Giant” 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-expected 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.
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.
XRP is currently trading at $0.50. Chart: TradingView
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.
XRP Will Eventually Make That 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.
Featured image from 4-Star Electric Ltd, chart from TradingView
