XRP Bracing for Dip Before Major Surge: Trader

XRP is poised for a dip before a significant surge in price, according to a trader. The CEO of Evai, Matthew Dixon, believes that XRP’s chart formation indicates a potential upward trend similar to previous patterns seen in Bitcoin. This analysis comes as XRP experiences a slight increase in price over a 24-hour period. Dixon’s predictions are based on the Elliott Wave Theory, which identifies recurring wave patterns as indicators of market cycles driven by investor psychology. The theory suggests that XRP is reaching the end of its corrective waves and could experience a sharp price increase in the near future. However, it is important to note that the Elliott Wave Theory is not foolproof and should be considered alongside other market indicators. Despite a 1.1% drop against Bitcoin, XRP remains resilient with a 0.3% gain to $0.62 and a market capitalization of $33.7 billion. The token also boasts a strong 24-hour trading volume of nearly $596.8 million.