Crypto CEO Announces Bad News for Altcoin

Stack of Ripple XRP silver coins in blurred close-up with lens flare as a symbol of prosperity. 3D rendering

Amid the XRP price debate future trajectoryEvai Crypto Ratings CEO Matthew Dixon provided insight into the token’s direction using the Elliot wave theory. However, his analysis does not bring any relief to XRP holders as he predicts a further decline for the token and its ecosystem.

How XRP price looks on charts

In a Tweeter shared on his platform X (formerly Twitter), Dixon shared a XRP price chart dating back to July, when Judge Analisa Torres ruled in favor of Ripple against the USA Security and Exchange Commission (SECOND). As part of his analysis, he noted that XRP aligns with BTC’s prospects.

Source: X (formerly Twitter)

Looking at the chart, he highlighted the bearish divergence, which indicates that the 5th wave is expected to cause a decline in the price of XRP. However, before that, he predicted that it was likely that the token would see an uptrend to complete wave 4.

Even though Dixon’s analysis suggests a bearish outlook, he was quick to note that nothing is certain in the technical analysis, although there is a high probability that it could happen.

Elliot’s wave theory, which he used to arrive at this conclusion, is a popular technical analysis indicator used to predict future price trends. The theory suggests that markets like XRP follow predictable sequences of optimism and pessimism driven by investor sentiment and psychology. Simply put, this is consistent with the trend that there will always be a correction or retracement after a particular trend (up or down).

XRP sitting at $0.48 | Source: XRPUSD on Tradingview.com

It’s time to lower expectations

Many crypto analysts have made wild predictions about the price of XRP, with one in particular stating that the token could rise. up to $10,000. However, a crypto influencer (Crypto Assets Guy) informed members of the

He took a more conservative stance stating that the token could reach a new all-time high late. This year or in 2024, suggesting it could add around $3.70 to its current all-time high of $3.84. He believes the XRP community should be more than happy if this happens.

Meanwhile, many members of the XRP community seem tired of these price forecast. This was evident when some expressed their frustration after XRP influencer Jack The Rippler. job the title of an article (dated July 31, 2023), which stated that a Wells Fargo staff predicted that the price of XRP would reach $100-$500 in the next 2-7 months.

A particular user declared“Blah blah blah everyone [every] damn day, same shit.

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Featured image from Shutterstock, chart from Tradingview.com

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