According to Matthew Dixon (@mdtrade), the CEO of Evai, an AI crypto rating platform, XRP could be in for some turbulent times. Dixon is an investment trader and financial expert, and his analysis suggests that XRP’s future could be a mix of highs and lows closely tied to the performance of Bitcoin.
Dixon presented his prediction using a daily XRP chart, highlighting a distinctive 5-wave pattern that XRP has followed since the victory recorded by Ripple in mid-July.
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XRP Pattern Since July 13: Wave 1, Wave 2, Wave 3
XRP began its first wave when it experienced a substantial 73% price surge to $0.93 on July 13, only to retreat from those heights. The drop to $0.69 marked the end of Wave 1.
The second wave came shortly after the first, as indicated by Dixon’s chart. This wave followed a recovery period that began after XRP’s dip to $0.69, eventually reaching $0.84 to mark the end of Wave 2.
Sadly, XRP could not keep the bullish momentum and succumbed to bearish pressure after hitting $0.84. The price plummeted from $0.84 in July to $0.42 in August, ending Wave 3 and marking a 50% decline in just one month.
Looking across #assets we see #XRP aligned with the #BTC outlook.
Bearish divergence indicates that 5th wave down should come soon although we MAY see a tip higher to complete wave 4.
Nothing certain in TA but this is a high % probability imo#Evai pic.twitter.com/CrAewt4ZtU— Matthew Dixon – CEO Evai (@mdtrade) October 8, 2023
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Anticipating Waves 4 and 5
Following the low point of $0.42, XRP has been consolidating between $0.45 and $0.54. Although it has yet to drop below $0.45, it hasn’t managed to break above $0.55 over a couple of weeks. Dixon speculates that XRP might complete Wave 4 soon, likely accompanied by a price surge above $0.55.
Dixon also drew attention to a concerning observation: a bearish divergence in XRP’s daily Relative Strength Index (RSI). This divergence implies a weakening bullish momentum, possibly signaling an impending price decline.
Dixon’s chart shows that this slump could send XRP down to $0.35, marking the conclusion of Wave 5. He cautions that while there are no certainties in technical analysis, this scenario appears highly probable. XRP is trading at $0.5011, down 3.35% in 24 hours. A drop to $0.35 will mean a 30.15% decline.
Although this prediction is bearish for XRP, EGRAG CRYPTO (@egragcrypto), another prominent crypto analyst, recently predicted that XRP could trade between $3.5 and $4 soon based on a multi-month trendline re-evaluation. It will be interesting to see which of these predictions come true.
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