Analyst Says XRP is a Sleeping Giant, Reiterates Bullish Price Target.
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XRP, the native token of the Ripple network, has underperformed compared to other cryptocurrencies in the recent bull market. Industry experts, however, believe XRP’s price could be poised for a significant upswing, with the timing potentially linked to two key factors: the upcoming US Consumer Price Index (CPI) report and Bitcoin’s future price movement.
A higher-than-expected CPI reading can trigger a sell-off in risk assets, including cryptocurrencies. Conversely, a lower-than-anticipated report could improve market sentiment and lead to a rise in crypto prices.
Dixon posits that the CPI report could be the catalyst that sparks a price increase for XRP. He believes a positive outcome could trigger a short-term rally, potentially pushing the price back up to the $0.62 range, which XRP last reached 33 days ago.
Market observers like Matthew Dixon, CEO of Evai, suggest the upcoming release of the US CPI report could significantly impact XRP’s price. The CPI is a crucial economic indicator, measuring inflation by tracking the cost of a standardized basket of goods and services American households consume.