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Market Pundit Identifies 9 Top Meme Coins to Watch Amid Roaring Kitty’s Return

Sam Wisdom Raphael
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Market Pundit Identifies 9 Top Meme Coins to Watch Amid Roaring Kitty’s Return

Altcoin Daily, a prominent crypto YouTube channel, identifies nine top meme coins worth watching following the return of financial advisor Roaring Kitty.

The meme coin market has reacted to the return of Keith Gill, also known as Roaring Kitty, the financial advisor whose tweets have historically sparked significant market movements. This time, his re-emergence triggered a massive rally in GameStop stock, and this uptrend spilled into the broader meme coin market.

Notably, crypto assets with similar meme sensations also recorded rapid spikes. Amid the ruckus, Altcoin Daily has presented a list of nine top meme coins to watch out for, especially as the bull market matures. Here’s a brief look at each of these digital assets:

ORDI and GME

ORDI is part of the Bitcoin ecosystem, and has gained traction due to its association with the Ordinals Protocol. It showcases new functionalities for assets on Bitcoin and has seen a significant rise in market capitalization. ORDI currently trades for $37 with a market cap of $778 million amid a 1.47% drop in 24 hours.

A tribute to the GameStop stock saga, GME is a meme coin on the Solana network. It saw a meteoric rise in value following Roaring Kitty’s posts on Monday, surging by over 3,900%, as reported by The Crypto Basic. GME now trades for $0.1676, still up 3,783% since Monday. 

SHIB and DOGE

Shiba Inu was earlier touted as the Dogecoin killer due to its potential to displace DOGE as the dominant meme coin. It has become a global sensation, accepted at numerous places directly or via third-parties. Its ecosystem includes other tokens like BONE and LEASH, adding to its appeal. 

SHIB currently changes hands at $0.00002394, trading as the 11th largest crypto asset. Due to its penchant for growth, market analysts have projected multiple lofty targets for the current cycle, including $0.00008845 and even $0.0001. 

Dogecoin is the original meme coin and remains a significant player in the crypto space. Despite its creation as a joke, it has found real-world utility and a passionate community. DOGE currently trades for $0.1501, with predictions putting its price at $1.

SNEK and COQ

SNEK is a deflationary meme coin on Cardano that has easily become a cultural icon in the ecosystem. It recently became the most traded token on Cardano, a testament of growing interest. SNEK now changes hands at $0.0009803, with a 600% increase over the last year and room for more growth.

Meanwhile, COQ resides within the Avalanche ecosystem as chicken-themed token. It has witnessed explosive growth and profitability for early investors. COQ’s all-time ROI stands at 443%, representing an uptrend since launch. With its price currently at $0.000002331, market watchers expect it to record more substantial growth this bull run.

FOXY, BRETT and DED

As the first “culture coin” on Linea, an Ethereum layer-2 network, FOXY looks to bolster the emergence of culture within the ecosystem. It serves as a community hub and a memecoin, drawing attention to the growing Linea platform. FOXY trades for $0.01246 at press time, currently down 15% since last month.

BRETT is part of the Base ecosystem, a meme coin that has captured the interest of investors with its market cap and trading volume. It represents the digital culture of the Base chain and its expanding ecosystem. BRETT’s market cap soared past $700 million in March before facing a drop as its price declined to the current value of $0.03091.

DED is a meme coin that has ignited buzz in the Polkadot ecosystem. It has rallied a robust community around Polkadot, promising a renaissance for the network. DED is tradeable on Hydradex and Polkadex, with a current price of $0.0004 as of press time.

Gemini Publication on Cardano Ignites Speculation of Potential ADA Listing 

Lele Jima
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Gemini Publication on Cardano Ignites Speculation of Potential ADA Listing 

Ongoing speculations within the Cardano community suggest that U.S.-based crypto exchange Gemini could be planning to list ADA, the 10th-largest cryptocurrency by market cap.

These rumors started making rounds after Gemini referred to Cardano as an “open-source protocol that focuses on democratizing the process of consensus and governance.”

Gemini also published an article about Cardano by Frederik Gregaard, the CEO of the Cardano Foundation. Gemini posted the article on its education platform, dubbed Cryptopedia.

According to a video shared by Cardano staking pool operator St₳kΣ with Pride, Gregaard revealed that he was working with top crypto exchanges to potentially list ADA.

Cardano Community Anticipate Potential ADA Listing on Gemini

A few weeks after Gregaard’s comment, Gemini published an article about Cardano, thus stirring speculation that the exchange could be planning to list ADA.

Prominent Cardano community members, including St₳kΣ with Pride, have been fueling these speculations. In a recent X post, St₳kΣ with Pride asserted that Gemini would be listing ADA and potentially supporting other digital assets on the Cardano blockchain, dubbed CNTs [Cardano Native Tokens].

Gemini’s Delay in Listing ADA 

Since Gemini’s X post, the exchange has not shared any update regarding whether it plans to list ADA soon. Gemini launched in 2014 and currently ranks among the leading centralized crypto exchanges in the world. 

Gemini stands as the 16th-biggest crypto exchange, with a 24-hour trading volume of $54.41 million, according to CoinMarketCap. It currently supports multiple crypto assets, including Bitcoin (BTC), Shiba Inu (SHIB), Ether (ETH), Dogecoin (DOGE), Filecoin (FIL), and Bitcoin Cash (BCH).

Despite launching as far back as 2014, Gemini has yet to list ADA, which currently ranks as the 10th-largest cryptocurrency by market cap. Gemini’s delay in listing ADA has left many Cardano community members frustrated.

The exchange has repeatedly ignored calls to list ADA without explaining its action towards Cardano. Gemini’s publication about Cardano has sparked renewed optimism within the community, with many speculating that the exchange could be on the verge of listing ADA.

Cumberland Unloads 210,596,503,121 Shiba Inu to Exchanges Amid Market Lull

Abdulkarim Abdulwahab
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Cumberland Unloads 210,596,503,121 Shiba Inu to Exchanges Amid Market Lull

Institutional digital asset trading firm Cumberland offloaded over 210 billion Shiba Inu tokens to exchanges Coinbase and OKX amid subdued activity in the SHIB market.

Over the last 24 hours, Cumberland significantly shuffled its Shiba Inu holdings between prominent centralized exchanges. The Data Nerd, a widely followed crypto surveillance account, called attention to the movements.

Cumberland’s latest Shiba Inu transaction initially involved the transfer of 144 billion SHIB tokens, which occurred within the last eight hours. The assets made their way to U.S.-based crypto exchange Coinbase.

The monetary value of these tokens amounted to $3,458,880, considering SHIB’s market price of $0.00002402. 

Cumberland Moves 210B Shiba Inu in 1 Day 

Five hours earlier, Cumberland transferred 63,294,278,297 SHIB to the OKX exchange and two other anonymous destinations. Overall, the firm has offloaded over 207 billion Shiba Inu within the last 13 hours. 

The recent outflow transactions preceded an inflow of 80 billion SHIB to the institutional firm. This 80 billion SHIB transaction accounts for Cumberland’s sole inflow in the last 24 hours.

Meanwhile, other outflows involving meager sums were also observable over the past day on Cumberland’s Shiba Inu wallet. Cumulatively, the platform has withdrawn  210,596,503,121 SHIB within the last 24 hours.

Cumberland has been on a withdrawal frenzy for the past few days, though the output picked momentum in the past few hours. Its transaction history shows fewer deposits than withdrawals. Other prominent exchanges that took inflow from Cumberland include Robinhood, the third largest Shiba Inu holder.

After the outflows, the institutional platform’s Shiba Inu wallet reflects a balance of only 1.96 billion SHIB worth $49,000.

The motivation for Cumberland’s persistent distribution of SHIB tokens to exchange remains uncertain. However, the transfer of substantial quantities of a token to centralized liquid platforms is typically interpreted as a bearish indicator, suggesting potential selling pressure.

SHIB Price Amid the Distribution 

Besides, Cumberland’s ongoing SHIB token withdrawals coincide with a period of stagnation in Shiba Inu’s market dynamics. Neither bulls nor bears show strong momentum, although the bears seem to have a slight advantage. 

In particular, the 24-hour trading chart for Shiba Inu displays an overall downtrend. The token’s price at $0.00002402 reflects a marginal gain of 0.55%.

Solana Overtakes Ethereum in Profitability for the First Time

Albert Brown
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Solana Overtakes Ethereum in Profitability for the First Time

Solana surpasses Ethereum in profitability with over $2M in economic value as Ethereum’s value drops post-peak due to EIP-4844 launch.

For the first time, Solana has surpassed the Ethereum mainchain in profitability, according to Leon Waidmann, an on-chain analyst. Waidmann’s statement, shared on X, highlights this milestone while also noting that the comparison does not account for Ethereum’s value as fuel and means of payment across various Layer 2 (L2) networks.

Ethereum v Solana: Comparing Economic Values

A chart from Blockworks provided by Waidmann illustrates the total economic value derived from transaction fees and miner extractable value (MEV) for Solana and Ethereum from February 14 to May 12, 2024. 

Ethereum’s highest value reached $40 million in late February. From mid-February, Ethereum experienced rapid growth in economic value, peaking at around $40 million. Following this peak, Ethereum saw a gradual decline with intermittent spikes, stabilizing between $10 million and $15 million by April. The economic value further decreased in the last two weeks leading up to May 12, ending at just under $2 million.

Solana’s peak value was significantly lower than Ethereum’s peak but reached notable highs during the same period. Solana started with relatively low values in mid-February, similar to Ethereum’s early stages but on a smaller scale. 

A steady increase was observed through March, with several peaks aligning with Ethereum’s declining phase. The values stabilized somewhat higher than Ethereum’s during April, and towards the end of the period, Solana overtook Ethereum, closing at over $2 million on May 12.

Industry Reactions and Opinions

Toghrul Maharramov, a contributor at Scroll ZKP, noted that the MEV captured by Ethereum didn’t drop significantly, but the fees decreased due to the launch of EIP-4844. Austin Federa, a strategist at the Solana Foundation, mentioned that while Ethereum’s Layer-1 (L1) activity decreased, the activity on L2 networks increased.

This contrasts with the initial expectation that L1 would remain strong alongside the rise of L2s. Emmanuel Awosika, a technical writer and researcher for Ethereum R&D, added that the purpose of rollup scaling was never to redirect revenue to L1, as some might believe. He emphasized that having a valuable native token is crucial for rollups using it for data availability, settlement, and consensus.

Broader Market Implications

Dan Smith of Blockworks argued that L2 activity should perhaps be measured by a different metric, as Ethereum derives value from being a gas asset on other chains. He noted that Ethereum probably needs to generate enough base fees to offset issuance to remain sustainable, though identifying its growth story is challenging. 

This development comes amid a pre-market surge in GameStop (GME) stock, triggering a 3,914% spike in a Solana meme coin of the same name within two days, according to The Crypto Basic. The original GameStop stock, experiencing a surprising rally, led investors to turn to crypto meme coins with similar names, including the Solana-based GameStop coin.

As of today, Solana (SOL) is priced at $143.86 with a 24-hour trading volume of approximately $2.37 billion, representing a 1.60% decline in the last 24 hours and a 2.60% drop over the past seven days. With a circulating supply of 450 million SOL, Solana’s market cap stands at $64.61 billion.

Binance Discontinues Support for XRP in Multi-Assets Mode

Lele Jima
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Binance Discontinues Support for XRP in Multi-Assets Mode

Binance reveals plans to limit its support for XRP by delisting the coin as a margin asset in multi-assets mode. 

Famous crypto exchange Binance has announced plans to limit its support for XRP, the seventh-largest cryptocurrency by market cap. 

Binance Delists XRP and TUSD as a Margin Asset in Multi-Assets Mode

According to a recent announcement, Binance Futures will stop supporting TUSD and XRP as margin assets in the Multi-Assets Mode. The move will become effective from May 28, 2024, at exactly 06:00 AM (UTC). 

For context, the Multi-Assets Mode is a type of futures that allows users to trade the USDⓈ-M Futures contracts using different coins as margin assets. Some supported margin assets include BTC, ETH, BNB, XRP, DOT, TUSD, and ADA. Effective May 28, Binance will stop support for XRP and TUSD. 

The exchange had begun preparations to delist the assets, updating the transfer-in limit for XRP and TUSD to zero yesterday. 

After the May 28 deadline, Binance will automatically convert all the remaining user balances of XRP and TUSD in USDⓈ-M Futures wallets into USDT. 

The exchange’s conversion ratio for XRP will be based on the XRP/USDT average price index between 05:00 (UTC) and 06:00 (UTC) on May 28. However, Binance will convert TUSD balance on a ratio of 1:1. 

To avoid suffering potential losses via the conversion, users should convert their XRP balance themselves before the May 28 deadline. Additionally, Binance cautioned users against adding new futures positions during the conversion period to prevent potential losses. 

XRP Community Member Reacts 

Meanwhile, the development was also shared by prominent XRP community figure “WrathofKahneman,” who seemed curious to understand the rationale behind Binance’s latest action. 

The community figure stated that Binance could have easily discontinued support for other assets with lesser values instead of axing XRP and TUSD.

“Do they anticipate greater price volatility for XRP or are their coffers short to cover, or some politicking going on?” WrathofKahneman quizzed. 

Notably, the user speculated that Binance could be preparing to replace XRP with the forthcoming Ripple stablecoin, adding that the exchange aims to avoid potential conflicts from listing both assets. 

It remains unclear why Binance discontinued support for XRP as a margin asset in the Multi-Assets Mode. In the meantime, XRP was trading at $0.4992, marking a 1.16% decline over the past 24 hours. 

XRP Bull Reveals 10 Reasons Why He’s Holding Strong

Abdulkarim Abdulwahab
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XRP Bull Reveals 10 Reasons Why He’s Holding Strong

Abdullah “Abs” Nassif, the host of the Good Morning Crypto podcast, highlights ten key factors that continue to influence his decision to hold XRP.

In a recent post on X, Nassif disclosed the motivation behind his continued investment and advocacy for XRP, the seventh most valuable crypto. The leading factor is XRP’s role as the gas token for the XRP Ledger (XRPL).

XRPL Usefulness

Significantly, XRPL is a thriving hub for over 1,500 crypto projects, each with its unique use case spanning across diverse industries. These encompass Infrastructure, tooling, interoperability-based projects, wallets, custody, DEX, NFT, gaming, payments, CBDC, and security-based projects.

Essentially, this collection illustrates the vast potential and versatility of the XRPL, making XRP valuable in the sight of holders.

Furthermore, the community pundit highlighted XRP’s utility in auto-bridging transactions and the decentralized finance space as other factors influencing his optimism.

Fourthly, Nassif pointed out the effectiveness of XRP as a viable store of value. The Crypto Basic recently published a report pointing out that holding XRP is more advantageous than keeping funds in a savings account.

Besides, XRP’s credibility as a store of value is evidenced by its impressive all-time return of 8,407% since launch.

Other XRP Utilities

The commentator also highlighted the XRPL’s effectiveness in preventing ledger spam and its ability to facilitate swift payment settlements. Nassif’s bullish stance is also bolstered by XRP’s contribution to reducing or even eliminating the need for Nostro accounts, which are traditionally used in international banking to manage currencies.

Moreover, XRP’s suitability as an ideal micropayment solution and its low transaction fees were among the top reasons Nassif holds the cryptocurrency.

It is worth mentioning that these utility aspects of XRP have garnered recognition from prominent finance players, including JPMorgan and MasterCard.

Furthermore, Nassif highlighted XRP’s eco-friendly nature and low carbon footprint. Last year, the Global Blockchain Business Council (GBBC) recognized XRPL and Ripple as the world’s first prominent global carbon-neutral crypto projects.

Ultimately, the podcaster concluded by reminding other XRP enthusiasts that while XRP has pivotal use cases, expecting it to overhaul global finance overnight is unrealistic, which may set them up for disappointment.

Top Lawyer Explains How SEC Wants to Make XRP Institutional Buyers Richer in Ripple Case

Lele Jima
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Top Lawyer Explains How SEC Wants to Make XRP Institutional Buyers Richer in Ripple Case

As Ripple and the SEC anticipate the court’s ruling on remedies, Attorney Murphy identifies the “crazy” part of the SEC’s demand for disgorgement in the lawsuit.   

Prominent legal expert James “MetaLawMan” Murphy has provided fresh insights into the SEC v. Ripple lawsuit, especially the regulator’s demand for disgorgement. 

In the context of securities regulations, disgorgement entails surrendering all ill-gotten gains obtained through unlawful activities.

Recall that in the SEC’s opening remedies-related brief, the regulator asked the court to impose a nearly $2 billion penalty against Ripple following its violation of federal securities laws. The $2 billion fine the SEC seeks consists of $876.3 million in disgorgement, another $876.3 million in civil penalty, and $198.15 million in prejudgment interest. 

Crazy Part of SEC’s Disgorgement Demand 

Commenting on the development, Murphy pointed out that the U.S. Supreme Court has already made it clear that all disgorgements should be given to the victims of the case. 

“One thing the U.S. Supreme Court has been really clear about is that disgorgement is supposed to go to the victims,” he said. 

Attorney Murphy made the remark during a recent interview on the Good Morning Crypto podcast.

He emphasized that any funds the SEC recovered as disgorgement would be given to victims of the Ripple case. It bears mentioning that the so-called victims of Ripple’s securities law violation are institutional buyers of XRP. 

To put it into perspective, Attorney Murphy noted that should the SEC win, the regulator would direct the disgorged funds to institutional buyers of XRP without keeping any of it for itself or the United States Treasury. 

According to Murphy, this move would only make institutional buyers of XRP richer because they already made a profit from their interactions with Ripple. 

“Can you imagine wiring tens of millions of dollars to big institutions that already made a profit from their interaction with Ripple? That has to happen. The clearest part of this whole picture is that the [disgorged] money has to go to these ‘victims,’” Attorney Murphy remarked. 

Ripple Shares Similar Sentiment 

Furthermore, Murphy shared an excerpt from Ripple’s remedies-related reply brief, pointing out how the company made a similar argument. 

In the motion, Ripple argued that any disgorgement for XRP institutional buyers, who already received the benefit of their bargain, would be “conferring a windfall.” 

The company made the point to support its argument that no disgorgement is warranted, as it urged the court to award a civil penalty of not more than $10 million. 

SEC Wants to Make Institutional Customers Richer 

Expectedly, Murphy’s recent analysis elicited reactions from other pro-XRP lawyers, including Attorney Bill Morgan. 

Reacting, Attorney Morgan criticized the SEC for planning to make XRP institutional customers richer through its demand for disgorgement. He characterized the SEC’s disgorgement demand as one of the anomalies in the Ripple lawsuit, which protects nobody. 

Meanwhile, the parties have already filed the necessary remedies-related brief. They are currently in the phase of filing omnibus motions regarding sealing confidential information associated with the remedies brief. 

Shiba Inu Looks to Leverage Falling Wedge for Spike to $0.000034

Sam Wisdom Raphael
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Shiba Inu Looks to Leverage Falling Wedge for Spike to $0.000034

Shiba Inu forms a falling wedge on the daily timeframe, looking to leverage this pattern for a 50% price spike to the $0.000034 region.

Crypto commentator and market analyst Dami DeFi recently called attention to Shiba Inu’s price movements, noting that the ongoing bearish consolidation could be setting up the stage for an imminent pivotal push. Notably, SHIB is looking to resume the late February upswing.

Shiba Inu Forms Falling Wedge 

Recall that Shiba Inu recorded a 380% rise from Feb. 25 to March 5, culminating in the yearly high of $0.00004567. However, the broader market turbulence, coupled with a drop in momentum, led to SHIB relinquishing this high. As a result, a retracement followed that has seen Shiba Inu drop nearly 50% from the March 5 peak.

Dami’s chart suggests that this correction might be healthy for Shiba Inu. Interestingly, SHIB has formed a falling wedge amid the drop. A falling wedge features two converging trendlines sloping downwards. It indicates a potential reversal in the current downtrend, with the possibility of a price breakout to the upside.

Shiba Inu Exchange Reserve Drops

With Shiba Inu setting up this pattern on the daily chart, there is an indication that the selling pressure could be slowing down. This is evident in the sustained increase in exchange outflows since May 5. Despite two daily inflows over the past two days, exchanges have witnessed an outflow of $8.88 million worth of SHIB since May 5.

Shiba Inu Exchange Netflow Coinglass 5
Shiba Inu Exchange Netflow | Coinglass

In addition, on-chain data sourced by CryptoQuant shows that Shiba Inu reserve on exchanges (blue line) has dropped drastically since Feb. 29. Notably, data indicates that SHIB exchange reserve currently sits at 151.3 trillion, down from 164.5 trillion on Feb. 29. This confirms that investors have pulled out 13 trillion SHIB from exchanges since Feb. 29.

Shiba Inu Exchange Reserve CryptoQuant
Shiba Inu Exchange Reserve | CryptoQuant

Moreover, they have taken off over 5 trillion SHIB from exchanges since March 31 despite the prevalent bearishness. This observable decrease in exchange reserves demonstrates a readiness from market participants to pull their SHIB tokens to self-custodial solutions, possibly for long-term storage. 

A $0.000034 Target

This practice reduces selling pressure and helps bolster price action. On this premise, Dami expects Shiba Inu to record a substantial price gain once it breaks out of the falling wedge. According to the analyst, the immediate target is a 50% surge, which would bring SHIB to $0.00003456.

Shiba Inu currently changes hands at $0.00002304, down 0.17% over the last 24 hours amid a drop in the broader market. SHIB’s derivatives data sends mixed signals, with a 26% drop in volume to $228 million and a meager 1.22% increase in Open Interest to $66.9 million. SHIB’s immediate target is to breach the $0.00002350 to hedge against any steeper declines.

Shiba Inu Consolidation Phase Suggests Push Towards $0.00008845

Sam Wisdom Raphael
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Shiba Inu Consolidation Phase Suggests Push Towards $0.00008845

Shiba Inu currently trades in an intermission phase (consolidation), looking to continue the previous uptrend in a push toward the all-time high of $0.00008845.

The cryptocurrency market is in a period of heightened uncertainty in the short term. SHIB’s consolidation has been a direct result of this uncertainty, with its price trading between a high of $0.00002632 and a low of $0.00002057 throughout this month. 

Shiba Inu is Now in Intermission 

Amid the current market condition, prominent crypto analyst Javon Marks recently disclosed that Shiba Inu now trades in an intermission phase following the previous breakout two months back. Recall that SHIB rallied 379% from $0.00000965 on Feb. 25 to a yearly peak of $0.00004567 on March 5.

However, the bears took control of the scene immediately after the peak, leading to a retracement, with Shiba Inu now 49% down from $0.00004567. As Shiba Inu consolidates at the $0.00002 territory, Javon Marks shows that it is now forming a massive bull flag on the 3-day chart. 

According to the analyst, this period of lull merely marks an intermission phase for Shiba Inu, suggesting that a continuation of the late February uptrend is on the horizon, especially on the back of the forming bull flag. Marks also noted that Shiba Inu has witnessed multiple bullish divergences amid the consolidation.

Notably, this pattern typically indicates growing strength, buoyed by the gradual but steady uptick observed with the monthly RSI, which now sits at 59.12. Marks believes Shiba Inu is still trading within an existing uptrend despite the ongoing range-bound action, and this apparent strength would bolster chances of a resumption of the upswing.

The Journey to the ATH

Following the previous upsurge, with SHIB up 122% this year, Javon Marks expects a more substantial price growth in the second leg, suggesting a potential 4x increase. He notes that this increase could help Shiba Inu reclaim and tower above the all-time high of $0.00008845, which is now 283% away.

The Crypto Basic confirmed in early March that Shiba Inu faces minimal resistance on the path to its all-time high. At the time, SHIB traded for $0.00003562. Now trading for $0.00002304, Shiba Inu would now face bigger roadblocks as it looks to clinch the ATH. 

Per data from IntoTheBlock (ITB), the largest resistance on the journey to the all-time high rests between $0.000025 and $0.000030, where 137,500 addresses procured 96.1 trillion SHIB at an average price of $0.000027. Notably, SHIB faces the pivotal Fib. 0.5 resistance at the $0.00002762 price.

Experts Say XRP is Sleeping Giant, Sets $13 as Target

Abdulkarim Abdulwahab
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0
Experts Say XRP is Sleeping Giant, Sets $13 as Target

Prominent industry commentators such as Evai CEO Matthew Dixon believe the sleeping giant in XRP price could awaken anytime soon.

In a recent post on X, Dixon weighed in on XRP’s long-standing underwhelming performance. He noted that XRP has persistently taken a back seat while other tokens orchestrate substantial price upswings.

This sentiment is confirmed by market data showing that XRP has only increased by 18.7% since last year, while its closest rival, Toncoin (TON), has grown by an impressive 263% during the same period. Besides, The Crypto Basic recently uncovered that 61 crypto assets among the leading 100 tokens outperform XRP in this bull market.

Tomorrow CPI to Revive Sleeping Giant

Meanwhile, Dixon suggests that the forthcoming U.S. consumer price index (CPI) report might serve as a significant trigger for XRP’s price surge. Notably, the U.S. Bureau of Labor Statistics (BLS) plans to release the April CPI tomorrow, May 15.

The CPI is an economic indicator that gauges inflation by tracking the cost of a standardized selection of goods and services bought by U.S. consumers.

When the CPI exceeds expectations, it can trigger a downturn in risk assets, including cryptocurrencies. Conversely, if the CPI is reported lower than anticipated, it could improve market sentiment and catalyze a surge in prices.

Accordingly, Dixon argues that the CPI coming tomorrow could be the trigger that awakens the “sleeping giant” in XRP, potentially driving prices to new heights. 

$0.62 Target with CPI

In particular, the Evai CEO expects the economic data to trigger a short-term rally that sends XRP to $0.62. Notably, XRP was last seen in the $0.62 range 33 days ago. At press time, XRP trades at $0.5071.

Meanwhile, some crypto enthusiasts have expressed disagreement with Dixon’s target of $0.62, questioning whether such a move would indeed constitute the awakening of a “sleeping giant.”

$13 Target when Sleeping Giant Awakens

On the other hand, technical analyst Bobby A also contends that XRP could awaken a “sleeping giant,” but his forecast is grounded in Bitcoin’s performance. He predicts that if Bitcoin returns to the $72,000 level, XRP could experience a dramatic increase, potentially soaring by 2,463.59% to reach $13.

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