XRP enthusiasts have their eyes fixed on the charts, as crypto analyst Bilbuwoo recently forecasted a massive 7,918% rally for XRP, taking it to an ambitious $39 price point.
Bilbuwoo made this projection in a recent analysis. Taking to X, the analyst pointed out that XRP is currently following a pattern from 2017 and encouraged traders to contemplate their XRP holdings.
He emphasized the significance of historical trends, asserting that past patterns tend to repeat themselves. He accompanied this statement with a chart that laid out his compelling analysis.
The foundation of Bilbuwoo’s projection is his examination of historical patterns, with a particular focus on the Z-score indicator.
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Z-scores are statistical measures that help assess the distance between a data point and the mean in terms of standard deviations.
Historical Context
The analysis reveals that XRP mirrors a pattern that unfolded back in 2015. After a drop from its December 2014 peak of $0.02803, XRP experienced a period of retracement throughout 2015, wiping out the gains of 2014.
During this retracement, the Z-score on the weekly chart reached its lowest point, hitting -2.3 in September 2015. The chart shows that after the Z-score drop, XRP entered the “accumulation” phase, which persisted until March 2017, when the Z-score retested its lowest level and rebounded.
The rebound marked the commencement of what Bilbuwoo dubs the “explosion” phase, leading to a momentous price rally that saw XRP achieve its all-time high (ATH) of $3.3 in January 2018.
XRP Replaying Past Patterns
Currently, XRP is replaying this exact sequence. Following its peak at $1.9669 in April 2021, XRP has steadily corrected its previous gains. Amid the correction, the Z-score touched its lowest point in May 2022. This led to another accumulation phase.
Until now, XRP remained firmly in the accumulation phase. However, the Z-score has again retested its lowest point, signaling an end to the accumulation phase and the imminent arrival of the much-anticipated “explosion.”
Bilbuwoo’s projection for this cycle is ambitious. He anticipates XRP reaching $6.1476 before a correction brings it down to $3.1597. Following this correction, he envisions another explosive surge, propelling XRP to $24.7229 and culminating in an ultimate rally to $39.8903.
Currently trading at $0.4975, XRP has a substantial journey ahead to reach this lofty price target. To achieve the projected $39.8903, the cryptocurrency would need to surge by a staggering 7,918% from its current price.
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Source: https://thecryptobasic.com/2023/09/28/pundit-projects-7918-xrp-rally-to-39-based-on-historical-data-and-z-score-analysis/?utm_source=rss&utm_medium=rss&utm_campaign=pundit-projects-7918-xrp-rally-to-39-based-on-historical-data-and-z-score-analysis