The Ripple-affiliated XRP token is showing potential for an upcoming price movement, according to analysis by Matthew Dixon, CEO of fintech and analytics platform Evai. By applying the Elliott Wave Theory to XRP’s chart, Dixon suggests that a notable price surge could be on the horizon, aligning with previous Bitcoin trends.
Dixon’s evaluation of XRP’s chart reveals the formation of an Elliott Wave pattern, a technical analysis method that delves into recurring wave patterns driven by investor psychology, indicating the completion of corrective waves and a subsequent thrust higher in XRP’s price.
It is important to note that while the Elliott Wave Theory can offer valuable insights, it should be used in conjunction with other market indicators due to its fallibility.
Despite a minor decrease in value against Bitcoin, XRP’s price remains resilient with a 0.3% gain to $0.62, boasting a market capitalization of $33.7 billion and a robust 24-hour trading volume of nearly $596.8 million. Currently ranked sixth by market capitalization, XRP continues to exhibit strength in the crypto market.
