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 raising eyebrows. “sleeping giant” that could drive the price of the XRP cryptocurrency much higher.
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 raising eyebrows. “sleeping giant” that could drive 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 press time, XRP is changing hands at $0.5056 after hitting a high of $0.5217 today.
Dixon has predicted that the price of the Ripple-affiliated token could end up surpassing the $0.6 level later this month.
Major US stock indices appear to be on track for their eighth straight day following some dovish remarks from Federal Reserve Chairman Jerome Powell. As reported by U.TodayPowell dismissed concerns about stagflation that had plagued markets in April, pushing the price of Bitcoin as high as the $56,000 level.
Analysts expect a CPI increase of 0.3% next Wednesday. However, a lower-than-expected reading will be a boon for risk 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 predicts that inflation will decline substantially in the second half of the year. He believes this could eventually push the price of Bitcoin to $150,000 this year.
XRP has been very low performance Bitcoin this year despite Ripple’s partial victory in 2023. Demand is finally approaching its long-awaited conclusion, but it is unclear if this will be a bullish catalyst for the token this year.
