While the case between Ripple and the SEC is still ongoing, we see that the ideas that Ripple will win the case are intensifying.
While the recent court decisions in favor of Ripple have increased the price of XRP, Matthew Dixon, CEO of cryptocurrency platform Evai, made a post about the price of XRP.
Noting that the Elliot Wave Theory has formed on XRP's 4-hour chart, Dixon wrote that he expects a bearish wave for XRP.
Stating that XRP must first decline in order to recover and pass the level of $ 0.6, the famous name said that he expects XRP to fall to $ 0.34 before recovery.
Dixon stated that according to the Elliot Wave theory, XRP will have a small upward move in XRP's "X wave, the last bullish wave," followed by a downward "Y wave, or corrective bearish wave."
Dixon added that he expects XRP to recover after the Y correction wave, adding that this drop offers a buying opportunity for investors.
“I am waiting for XRP to complete up wave followed by Y downwards.
I expect XRP to recover after this drop. I also think that this decline is a buying opportunity for investors.
This is once again an EXCITING time to be in the cryptocurrency market. Don't miss this opportunity!"
No need to update labelling on #XRP as its following our projected path to the letter. On completion of the X wave up, then Y to the downside, there should be some excellent risk reward ratios on offer. This is once again an EXCITING time to be in #CRYPTO Don't miss the boat… pic.twitter.com/zxn5y04sHE
— Matthew Dixon – CEO Evai (@mdtrade) May 23, 2023
XRP, which started in January 2023 and went up to $ 0.58 in the rally, continues to be traded at $ 0.450 at the time of writing.
*Not investment advice.
