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The “sleeping giant” is about to awaken, an expert predicts
Alex Dovbnja
Upcoming inflation data could awaken the “sleeping giant,” pushing the price of XRP higher
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According to Matthew Dixon, CEO of Evai, the next report on the consumer price index (CPI), which will be published on May 15, could end up awakening the “sleeping giant” this could push the price of the XRP cryptocurrency much higher.
A weaker-than-expected CPI reading is expected to be a major bullish catalyst for the token.
At the time of writing, XRP is trading at $0.5056, after peaking at $0.5217 today.
Dixon predicted that the price of the Ripple-affiliated token could end up surpassing the $0.6 level later this month.
Major U.S. stock indexes appear to be on track to post an eighth straight day following dovish statements from Federal Reserve Chair Jerome Powell. AS reported by U.TodayPowell dismissed stagflation concerns that had plagued markets in April, pushing the price of Bitcoin down to the $56,000 level.
Analysts expect the CPI to rise 0.3% next Wednesday. However, a lower-than-expected reading will be a boon for risky assets, which include major altcoins like XRP.
AS reported by U.Today, cryptocurrency bull Tom Lee recently predicted a dramatic drop in inflation. The Fundstrat co-founder expects a sharp decline in inflation in the second half of the year. According to him, this could eventually push the price of Bitcoin to $150,000 this year.
XRP was severely underperforming Bitcoin this year despite Ripple’s partial victory in 2023. The lawsuit is finally over getting closer is the long-awaited conclusion, but it is unclear whether this will be a bullish catalyst for the token this year.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.