Crypto CEO Delivers Bad News For The Altcoin

2023-10-11

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

How XRP Worth Is Trying On The Charts

In a tweet shared on his X (previously Twitter) platform, Dixon shared a price chart of XRP relationship again to July, when Judge Analisa Torres ruled in favor of Ripple in opposition to the US Securities and Alternate Fee (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 chance of the token experiencing an upward development 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 likelihood of this taking place.

The Elliot Wave Principle, which he used to come back to this conclusion, is a popular technical analysis indicator used to foretell future worth developments. The speculation propounds that markets like XRP observe predictable sequences of optimism and pessimism pushed by investor sentiment and psychology. Merely put, it agrees with the development that there’ll all the time be a correction or retracement after a specific development (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, particularly, stating that the token might rise as excessive as $10,000. Nevertheless, a crypto influencer (Crypto Property Man) advised these within the XRP group 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 yr or in 2024, suggesting it might add round $3.70 to its present all-time excessive of $3.84. He believes the XRP group must be greater than glad if that occurs.

In the meantime, many within the XRP group 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 said {that a} Wells Fargo workers had predicted the XRP worth to hit $100 to $500 within the subsequent 2 to 7 months.

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