Crypto CEO Delivers Dangerous Information For The Altcoin

Amidst the talk on the XRP worth future trajectory, the CEO of Evai Crypto Rankings, Matthew Dixon, has supplied insights into the token’s path utilizing the Elliot Wave Theory. Nevertheless, his evaluation doesn’t present any aid to XRP holders as he initiatives a further decline for the token and its ecosystem.

How XRP Value Is Trying On The Charts

In a tweet shared on his X (previously Twitter) platform, Dixon shared a price chart of XRP courting again to July, when Judge Analisa Torres ruled in favor of Ripple in opposition to the US Securities and Exchange Commission (SEC). As a part of his evaluation, he famous that XRP aligned with the BTC outlook.

XRP price chart

Supply: X (previously Twitter)

Trying on the chart, he highlighted the bearish divergence, which indicated that the fifth wave was anticipated to trigger a decline within the XRP worth. Nevertheless, earlier than then, he projected that there’s a probability of the token experiencing an upward pattern to finish wave 4.

Whereas Dixon’s evaluation suggests a bearish outlook, he shortly famous that nothing was sure in technical evaluation, though there’s a excessive chance of this occurring.

The Elliot Wave Principle, which he used to come back to this conclusion, is a popular technical analysis indicator used to foretell future worth traits. The idea propounds that markets like XRP comply with predictable sequences of optimism and pessimism pushed by investor sentiment and psychology. Merely put, it agrees with the pattern that there’ll all the time be a correction or retracement after a specific pattern (upward or downward).

XRP price chart from Tradingview.com (XRP price prediction)

XRP sitting at $0.48 | Supply: XRPUSD on Tradingview.com

Time To Decrease Expectations

Many crypto analysts have made far-fetched predictions of the XRP worth, with one, specifically, stating that the token might rise as high as $10,000. Nevertheless, a crypto influencer (Crypto Belongings Man) advised these within the XRP neighborhood to decrease their expectations because the token gained’t hit “$10,000, $1,000, $50” and even $10 any time quickly.

He took a extra conservative stance by stating that the token might hit a brand new all-time excessive late this year or in 2024, suggesting it might add round $3.70 to its present all-time excessive of $3.84. He believes the XRP neighborhood needs to be greater than happy if that occurs.

In the meantime, many within the XRP neighborhood appear uninterested in 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 acknowledged {that a} Wells Fargo employees had predicted the XRP worth to hit $100 to $500 within the subsequent 2 to 7 months.

One explicit X consumer stated, “Bla bla bla evey [every] goddamn day the identical shit.”