As the cryptocurrency market gets ready for changes, Ripple’s XRP is getting a lot of attention from experts who think its price will go up a lot.
CEO of Evai Matthew Dixon said that XRP is a “sleeping giant” that is about to wake up. He said that the report on the consumer price index (CPI) on May 15 might be the thing that wakes it up.
Dixon talks about how important it is for the CPI reading to be lower than expected and how that could make XRP go to new heights. Dixon thinks the price might go over $0.6 by the end of the month. Right now it’s worth $0.5056, and not long ago it was worth $0.5217.
Ripple (XRP’s) CPI Anticipation Potential
The confidence around XRP comes after Federal Reserve Chair Jerome Powell made dovish comments that have helped U.S. stock indexes rise for eight days in a row. Powell’s rejection of worries about stagflation, which had pushed Bitcoin to a low of around $56,000 in April, is good news for risky investments like XRP.
Analysts are expecting the CPI to rise by a small 0.3% next week. However, the most exciting possibility is that the reading will be lower than expected, which could cause major altcoins, such as XRP, to rise in value.
Famous bulls like Tom Lee of Fundstrat who think inflation will drop sharply also have an effect on the broader context of cryptocurrencies. With less inflation in the second half of the year, Lee thinks Bitcoin will reach $150,000 by the end of the year.
Ripple (XRP) has been behind Bitcoin this year, even though Ripple won some court cases in 2023. As the case comes to an end, it’s not clear where XRP will go next. Experts aren’t sure if this will soon be a bullish trigger.
Although buyers are waiting for the CPI report and keeping an eye on any changes to the law, all eyes are on XRP. It is about to wake up and could change its position in the cryptocurrency market.
