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.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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