Analyst Says XRP is a Sleeping Giant, Reiterates Bullish Price Target

XRP, the native token of the Ripple network, has underperformed compared to other cryptocurrencies in the recent bull market. Industry experts, however, believe XRP’s price could be poised for a significant upswing, with the timing potentially linked to two key factors: the upcoming US Consumer Price Index (CPI) report and Bitcoin’s future price movement.

US CPI Report: Potential Catalyst for XRP

Market observers like Matthew Dixon, CEO of Evai, suggest the upcoming release of the US CPI report could significantly impact XRP’s price. The CPI is a crucial economic indicator, measuring inflation by tracking the cost of a standardized basket of goods and services American households consume.

Read Also: XRP to $12? Analyst Shows that XRP Is a Sleeping Giant Using Eliot Wave Pattern

A higher-than-expected CPI reading can trigger a sell-off in risk assets, including cryptocurrencies. Conversely, a lower-than-anticipated report could improve market sentiment and lead to a rise in crypto prices.

Dixon posits that the CPI report could be the catalyst that sparks a price increase for XRP. He believes a positive outcome could trigger a short-term rally, potentially pushing the price back up to the $0.62 range, which XRP last reached 33 days ago.

XRP Is A Sleeping Giant

While Dixon focuses on the short-term impact of the CPI report, technical analyst Bobby A takes a broader view. He acknowledges the potential for a significant XRP price increase but links it to the future performance of Bitcoin.

Recalling a chart he posted in October 2022, Bobby A referred to XRP as a sleeping giant. In the previous tweet, he predicted that if Bitcoin regains its previous high of $72,000, XRP could experience a much more substantial rise, potentially reaching $13 – a staggering over 2,400% increase.

Analyst Disagreement on Price Target

It’s important to note that not everyone agrees with Dixon’s short-term price target of $0.62. Some crypto enthusiasts believe such a move wouldn’t constitute a true awakening of the “sleeping giant” as XRP has previously reached that price point.

XRP’s current price, data from CoinMarketCap reveals it has only increased by 18.7% since last year, while its competitor Toncoin (TON) has seen a staggering 263% growth in the same period.

Read Also: Over $261 Million in XRP and Bitcoin (BTC) Shifted in the Past 24 Hours

Looking Ahead: A Multi-faceted Approach

While the upcoming CPI report and Bitcoin’s price movement are significant factors, a comprehensive analysis of XRP’s potential requires a multi-faceted approach. Further considerations include developments within the Ripple ecosystem, regulatory clarity surrounding XRP’s classification, and overall market sentiment towards cryptocurrencies.

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