Matthew Dixon, the CEO of AI-based crypto rating firm Evai, recently made a critical statement about XRP. Dixon, a trader and financial expert, conducted an analysis stating that the future of XRP depends on the performance of Bitcoin.
In his analysis, Dixon referred to Ripple‘s victory in mid-July and examined a distinct graph pattern consisting of 5 waves.
Analyst’s XRP Price Chart and the First 3 Waves
According to the analyst, the first wave in XRP occurred on July 13. After a 73% increase in price, reaching $0.93, there was a price retracement. This retracement caused the price to drop to $0.69, marking the end of the 1st Wave.
The arrival of the 2nd wave did not take much time, indicated by the price movement in XRP. After the drop to $0.69, the subsequent rise to $0.84 indicated the 2nd wave.
This period of increase was not very promising for investors as XRP did not maintain its upward momentum. After reaching $0.84, the price started to decline again. In August, the price dropped from $0.84 to $0.42, marking the end of the 3rd Wave. This significant drop of 50% within just one month indicated a reversal for investors.
The Future of XRP! 4th and 5th Waves
The drop in XRP brought it to the $0.42 level. As of the time of writing, it was consolidating between $0.45 and $0.54, with the price trading at $0.4998. Although the price did not fall below $0.45, it also failed to rise above the crucial level of $0.55, which could trigger an upward movement. According to Dixon, XRP may soon complete the 4th Wave, accompanied by a price movement above $0.55.
Dixon also drew attention to a concerning point and added:
The decreasing trend in XRP’s daily Relative Strength Index (RSI). This divergence indicates weakening upward momentum and is likely a sign of an upcoming price drop.
According to Dixon’s price prediction graph, XRP could drop to $0.35, indicating the end of the 5th Wave. While Dixon predicts a downward price movement for XRP, another analyst, EGRAG CRYPTO, suggested the possibility of a price between $3.5 and $4 for XRP in the future.
