Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Ripple-affiliated XRP token is exhibiting a noteworthy pattern that could indicate an imminent price movement.

According to Matthew Dixon, the CEO of fintech and analytics platform Evai, XRP's chart is forming a structure that, if aligned with previous Bitcoin trends, suggests a thrust higher might be on the horizon.

This analysis comes at a time when XRP's price shows a subtle uptick in the 24-hour range.

Deciphering Dixon's chart predictions

The Elliott Wave Theory, a form of technical analysis that traders use to predict price movements by identifying recurring wave patterns, suggests that market cycles are driven by the psychology of investors.

According to this theory, a complete cycle consists of eight waves: five "impulse" waves that move with the overall trend are followed by three "corrective" waves against it.

Dixon's analysis points to the completion of an Elliott Wave pattern on the XRP chart, a technical forecasting method that anticipates market trends based on investor psychology manifested through waves.

His interpretation suggests that XRP is nearing the end of its corrective "d" and "e" waves, postulating that a subsequent "thrust" — a sharp price increase — could follow.

Elliott Wave Theory can provide insights, but it is not infallible. Hence, it should be considered alongside other market indicators.

XRP's current market standing

XRP's price remains resilient, with a slight gain of 0.3% to $0.62 despite dropping against Bitcoin by 1.1%, according to CoinGecko data.

With a market capitalization standing strong at $33.7 billion, it is currently ranked sixth by market capitalization.

The token boasts a robust 24-hour trading volume of nearly $596.8 million.