According to the financial guru, XRP would face a drop to the lows at $0.38 before staging a massive rally that would skyrocket it to the $0.65 territory.
Analysts have taken a particular interest in XRP of late. Matthew Dixon, the CEO of AI-powered crypto rating resource Evai, is the latest financial expert to forecast the asset’s next direction. Dixon believes the asset would skyrocket to the $0.65 territory in the foreseeable future.
In a follow-up analysis that builds upon his earlier findings, Dixon emphasized that XRP has continued to move in the pre-set direction, eliminating the need to update his previous chart.
No need to update labelling on #XRP as its following our projected path to the letter. On completion of the X wave up, then Y to the downside, there should be some excellent risk reward ratios on offer. This is once again an EXCITING time to be in #CRYPTO Don't miss the boat… pic.twitter.com/zxn5y04sHE
— Matthew Dixon – CEO Evai (@mdtrade) May 23, 2023
Citing data from a 4-hour XRP chart, the financial expert forecasted that XRP would initially rise to the $0.49 price zone to complete what he calls Wave X. Afterwards, XRP is expected to experience a massive drop which would see it plummet to as low as $0.38 next month. This would represent the completion of Wave Y.
However, Dixon notes that the asset is poised to engineer a comeback from this position. According to him, XRP would rebound, skyrocketing to the $0.65 territory. The last time the asset saw this zone was in May 2022. A rise from $0.38 to $0.65 would mark a 71% increase.
According to Dixon, XRP’s drop to the $0.38 territory would present an attractive opportunity for investors to take advantage of to augment their holdings. “there should be some excellent risk-reward ratios on offer. This is once again an EXCITING time to be in CRYPTO Don’t miss the boat,” he remarked.
Notably, Egrag, a prominent crypto analyst, also predicted a price surge to the $0.6 territory for XRP on its journey to greater heights. Egrag disclosed in a recent analysis that the asset could skyrocket to $0.67 if it can close above a mini descending channel he identified on the daily timeframe.
Meanwhile, XRP continues to hold above the $0.46 level at the time of reporting. The asset is trading for $0.4611, up 0.79% in the past 24 hours. XRP has gained by 7.63% over the past week.