Amid the XRP price debate future trajectoryEvai Crypto Ratings CEO Matthew Dixon has provided insights into the token’s direction using the Elliot Wave Theory. However, his analysis does not provide any relief for XRP holders as he is a further decline for the token and its ecosystem.
What the XRP price looks like on the charts
In a tweet shared on his X platform (formerly Twitter), Dixon shared a price chart of XRP dating back to July, when Judge Analisa Torres ruled in favor of Ripple against the US Securities and Exchange Commission (SEC). As part of his analysis, he noted that XRP was in line with BTC’s prospects.
Source: X (formerly Twitter)
Looking at the chart, he highlighted the bearish divergence, which indicated that the fifth wave was expected to cause a decline in the XRP price. However, before then, he predicted that there was a good chance that the token would experience an uptrend to complete wave 4.
While Dixon’s analysis suggests a bearish outlook, he was quick to note that nothing was certain in the technical analysis, although there is a good chance that will happen.
The Elliot Wave Theory, with which he came to this conclusion, is one popular technical analysis indicator used to predict future price developments. The theory states that markets like XRP follow predictable sequences of optimism and pessimism, driven by investor sentiment and psychology. Simply put, it corresponds to the trend that after a certain trend (up or down) there will always be a correction or retracement.
XRP sitting at $0.48 | Source: XRPUSD on Tradingview.com
Time to lower expectations
Many crypto analysts have made far-fetched predictions about the XRP price, with one in particular stating that the token could rise as high as $10,000. However, a crypto influencer (Crypto Assets Guy) advised those in the
He took a more conservative stance by stating that the token could hit a new all-time high late this year or in 2024, which suggests the price could add about $3.70 to the current all-time high of $3.84. He believes the XRP community should be more than happy if that happens.
Meanwhile, many in the XRP community seem fed up with this price predictions. This became clear when some expressed their frustration with XRP influencer Jack The Rippler Posted the headline of an article (dated July 31, 2023), which stated that Wells Fargo employees had predicted the XRP price would reach $100 to $500 in the next 2 to 7 months.
One specific X user declared“Blah blah blah everyone [every] same shit every damn day.
Blah blah blah same shit every fucking day
— rovadi ???? (@RoVaDi2001) October 10, 2023
Featured image from Shutterstock, chart from Tradingview.com