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 "sleeping giant" that could propel the price of the XRP cryptocurrency much higher. 

A weaker-than-expected CPI reading is expected to be a major bullish catalyst for the token. 

At press time, XRP is changing hands at $0.5056 after peaking at $0.5217 earlier today. 

Dixon has predicted that the price of the Ripple-affiliated token could end up surpassing the $0.6 level later this month. 

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 reported by U.Today, Powell dismissed the stagflation concerns that had plagued the markets in April, pushing the Bitcoin price to as low as the $56,000 level. 

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 reported by U.Today, 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.

XRP has been severely underperforming Bitcoin this year despite Ripple's partial win in 2023. The lawsuit is finally approaching its much-anticipated conclusion, but it is not clear whether this will be a bullish catalyst for the token this year.

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