Amidst the talk on the XRP worth future trajectory, the CEO of Evai Crypto Ratings, Matthew Dixon, has supplied insights into the token’s path utilizing the Elliot Wave Theory. However, his evaluation doesn’t present any aid to XRP holders as he initiatives a further decline for the token and its ecosystem.
How XRP Price Is Looking On The Charts
In a tweet shared on his X (previously Twitter) platform, Dixon shared a price chart of XRP courting again to July, when Judge Analisa Torres ruled in favor of Ripple towards the US Securities and Exchange Commission (SEC). As a part of his evaluation, he famous that XRP aligned with the BTC outlook.
Source: X (previously Twitter)
Looking on the chart, he highlighted the bearish divergence, which indicated that the fifth wave was anticipated to trigger a decline within the XRP worth. However, earlier than then, he projected that there’s a probability of the token experiencing an upward development to finish wave 4.
While 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 Theory, which he used to return to this conclusion, is a popular technical analysis indicator used to foretell future worth developments. The idea propounds that markets like XRP comply with predictable sequences of optimism and pessimism pushed by investor sentiment and psychology. Simply 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 sitting at $0.48 | Source: XRPUSD on Tradingview.com
Time To Lower Expectations
Many crypto analysts have made far-fetched predictions of the XRP worth, with one, specifically, stating that the token might rise as high as $10,000. However, a crypto influencer (Crypto Assets Guy) 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 year 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 happy if that occurs.
Meanwhile, many within the XRP group appear bored with 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 acknowledged {that a} Wells Fargo employees had predicted the XRP worth to hit $100 to $500 within the subsequent 2 to 7 months.
One explicit X consumer stated, “Bla bla bla evey [every] goddamn day the same shit.”
Bla bla bla evey goddamn day the identical shit
— rovadi 𓄿 (@RoVaDi2001) October 10, 2023
Featured picture from Shutterstock, chart from Tradingview.com
