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According to Evai CEO Matthew Dixon, the upcoming consumer price index (CPI) report, which is set to be released on May 15, could end up awakening the&nbsp;<a href="https://twitter.com/mdtrade/status/1788896845885833571">"sleeping giant"</a> that could propel the price of the XRP cryptocurrency much higher.&nbsp;
A weaker-than-expected CPI reading is expected to be a major bullish catalyst for the token.&nbsp;
At press time, XRP is changing hands at $0.5056 after peaking at $0.5217 earlier today.&nbsp;
Dixon has predicted that the price of the Ripple-affiliated token could end up surpassing the $0.6 level later this month.&nbsp;
The main U.S. stock indexes seem to be on track to record their eighth consecutive day in a row following some dovish statements made by Federal Reserve Chair Jerome Powell. As&nbsp;<a href="https://u.today/heres-why-shiba-inu-shib-xrp-and-cardano-ada-just-recorded-major-price-jumps">reported by U.Today</a>, Powell dismissed the stagflation concerns that had plagued the markets in April, pushing the Bitcoin price to as low as the $56,000 level.&nbsp;
Analysts expect a 0.3% CPI increase next Wednesday. However, a lower-than-expected reading will be a boon for risk assets, which include major altcoins such as XRP.
As&nbsp;<a href="https://u.today/tom-lee-doubles-down-on-150000-bitcoin-price-call">reported by U.Today</a>, cryptocurrency bull Tom Lee recently predicted a dramatic inflation drop. The Fundstrat cofounder sees inflation declining substantially in the second half of the year. This, he believes, could eventually propel the Bitcoin price to $150,000 this year.&nbsp;&nbsp;
XRP has been&nbsp;<a href="https://u.today/xrp-facing-bearish-pattern-as-price-spikes">severely underperforming</a> Bitcoin this year despite Ripple's partial win in 2023. The lawsuit is finally&nbsp;<a href="https://u.today/ripple-clo-teases-xrp-case-resolution-we-are-closer-than-ever">approaching</a> its much-anticipated conclusion, but it is not clear whether this will be a bullish catalyst for the token this year.

XRP Price: 'Sleeping Giant' About to Awaken, Expert Predicts

U_Today

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