XRP price is predicted to break through Rp193,000 per coin, according to this analyst!

Bittime - In recent weeks, XRP's performance has not been satisfactory. However, many prominent crypto industry analysts are optimistic about its future potential. Matthew Dixon, CEO of Evai, recently commented on XRP's price prediction via a post on X.

According to him, weaker Consumer Price Index (CPI) data next week could wake up the "sleeping giant" and push XRP prices higher.

"XRP has lagged lately, but like many other tokens, next week's weaker CPI should wake up the sleeping giants and push $XRP higher," Dixon said.

While acknowledging that this crypto asset lags behind most other cryptocurrencies, Dixon believes that a lower CPI will push XRP's price higher. He expects $0.6242 (around Rp9,270) as the nearest price target if the US CPI data is weaker than expected.

XRP Predicted to Strengthen Again

Over the past few months, XRP has performed less well compared to other major cryptocurrencies. Historical price data shows that XRP is only up 18.7% since last year. In comparison, Toncoin (TON), its closest competitor, saw an impressive rise of 263% in the same period.

Dixon thinks that lower CPI data will trigger enough bullish momentum to trigger a rally. The U.S. Bureau of Labor Statistics (BLS) is scheduled to release its April CPI data today, May 15.

For context, the CPI is an important economic indicator for measuring inflation by tracking how much U.S. consumers spend to buy a basket of goods and services. This data often affects financial markets, including cryptocurrency prices.

Whenever the CPI is higher than expected, it could lead to a drop in risky assets like Bitcoin and other cryptocurrencies. However, a lower-than-expected CPI could boost market sentiment, triggering a market-wide rally.

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Bobby A XRP Price Prediction

Based on this theory, Dixon believes that the upcoming CPI data could trigger a rally for XRP, possibly pushing its price to new levels. Meanwhile, other analysts also have similar bullish sentiments towards XRP. Well-known analyst Bobby A said XRP could record a huge increase if Bitcoin returns to the $72,000 price level.

Bobby A predicts XRP could surge 2,463.59% to reach $13 (around Rp193 thousand). However, this prediction is still speculative because it is uncertain whether the upcoming CPI will be lower or higher.

Coachman Debate XRP Price Prediction

Some disagree with Dixon, noting that CPI data may not be enough to drive XRP. According to user X, Thinking Man, the $0.60 target for XRP barely wakes the sleeping giant.

Another user, Popp, noted that the US Securities and Exchange Commission (SEC) had destroyed XRP. Based on its use case, Poppy believes XRP should soar. However, he still hopes for an increase in the price of these assets.

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XRP Price Today

At the time of writing, on Thursday, 16/05/2024, XRP crypto assets were trading at the level of IDR 8,212 per coin. XRP's price performance has increased by 2.43% in the last 24 hours, based on data monitoring from Bittime.

Source: Bittime

Despite the differences of opinion, optimism towards XRP remains. Dixon and other analysts believe that with weaker CPI data, XRP has the potential to rebound. Meanwhile, skepticism remains, with some questioning whether the CPI data alone is enough to drive significant gains for XRP.

Conclusion

With various views available, investors and market watchers will continue to monitor the latest developments to see if these optimistic predictions will materialize. As always in the crypto world, volatility and uncertainty are part of the game, and only time will tell the true direction of the XRP price in the future.

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How to Buy Ripple (XRP) on Bittime

You can buy and sell Ripple (XRP) in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.

Ripple (XRP) is available on Bittime with the XRP/USD market pair. To be able to buy XRP IDR on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.

Learn the complete guide on how to buy Ripple (XRP) on Bittime.

Monitor the price chart movements of Ripple (XRP), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.