According to U.Today, Evai CEO Matthew Dixon has suggested that the forthcoming consumer price index (CPI) report, due for release on May 15, could potentially stimulate a significant increase in the price of XRP cryptocurrency. Dixon anticipates that a weaker-than-expected CPI reading could act as a major bullish catalyst for the token. At the time of reporting, XRP was trading at $0.5056, having earlier reached a peak of $0.5217. Dixon's prediction is that the price of the Ripple-affiliated token could exceed the $0.6 mark later this month.
The primary U.S. stock indexes appear set to record their eighth consecutive day of gains, following dovish statements from Federal Reserve Chair Jerome Powell. Powell recently dismissed concerns about stagflation that had negatively impacted markets in April, causing the Bitcoin price to drop to around the $56,000 level. Analysts are predicting a 0.3% CPI increase next Wednesday. However, a lower-than-expected reading could benefit risk assets, including major altcoins such as XRP.
Cryptocurrency enthusiast Tom Lee, cofounder of Fundstrat, recently forecasted a significant drop in inflation. Lee believes that inflation will decrease substantially in the second half of the year, which could potentially drive the Bitcoin price up to $150,000 this year. Despite Ripple's partial win in a 2023 lawsuit, XRP has underperformed compared to Bitcoin this year. The lawsuit is nearing its conclusion, but it remains uncertain whether this will act as a bullish catalyst for the token this year.
