XRP Price Prediction: Crypto CEO Delivers Bad News For The Altcoin
October 11 2023 - 11:00AM
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Amidst the debate on the XRP price future trajectory, the CEO of
Evai Crypto Ratings, Matthew Dixon, has provided insights into the
token’s direction using the Elliot Wave Theory. However, his
analysis doesn’t provide any relief to XRP holders as he projects a
further decline for the token and its ecosystem. How XRP Price Is
Looking On The Charts In a tweet shared on his X (formerly Twitter)
platform, Dixon shared a price chart of XRP dating back to July,
when Judge Analisa Torres ruled in favor of Ripple against the US
Securities and Exchange Commission (SEC). As part of his analysis,
he noted that XRP aligned with the BTC outlook. Related
Reading: Crypto Analyst Identifies 6 Overlooked Altcoins That Could
Be Due For A Price Surge Source: X (formerly Twitter) Looking at
the chart, he highlighted the bearish divergence, which indicated
that the 5th wave was expected to cause a decline in the XRP price.
However, before then, he projected that there is a likelihood of
the token experiencing an upward trend to complete wave 4.
While Dixon’s analysis suggests a bearish outlook, he quickly noted
that nothing was certain in technical analysis, although there is a
high probability of this happening. The Elliot Wave Theory,
which he used to come to this conclusion, is a popular technical
analysis indicator used to predict future price trends. The theory
propounds that markets like XRP follow predictable sequences of
optimism and pessimism driven by investor sentiment and psychology.
Simply put, it agrees with the trend that there will always be a
correction or retracement after a particular trend (upward or
downward). XRP sitting at $0.48 | Source: XRPUSD on Tradingview.com
Time To Lower Expectations Many crypto analysts have made
far-fetched predictions of the XRP price, with one, in particular,
stating that the token could rise as high as $10,000. However, a
crypto influencer (Crypto Assets Guy) advised those in the XRP
community to lower their expectations as the token won’t hit
“$10,000, $1,000, $50” or even $10 any time soon. Related Reading:
XRP Price Gearing Up For Rebound As Whales Make Their Move He took
a more conservative stance by stating that the token could hit a
new all-time high late this year or in 2024, suggesting it could
add around $3.70 to its current all-time high of $3.84. He believes
the XRP community should be more than satisfied if that
happens. Meanwhile, many in the XRP community seem tired of
these price predictions. This was evident when some expressed
frustration after XRP influencer Jack The Rippler posted the
headline of an article (dated July 31, 2023), which stated that a
Wells Fargo staff had predicted the XRP price to hit $100 to $500
in the next 2 to 7 months. One particular X user stated, “Bla
bla bla evey [every] goddamn day the same shit.” Bla bla bla evey
goddamn day the same shit — rovadi 𓄿 (@RoVaDi2001) October 10, 2023
Featured image from Shutterstock, chart from Tradingview.com
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