A pseudonymous crypto analyst has come up with a new bullish prediction for XRP, the digital asset majorly distributed by Ripple, which currently occupies the 5th position in the crypto market ranking.
CRYPTOWZD, an expert crypto chartist, is bullish on the digital asset’s worth, citing historical trends and the “XRP Treasure Map” to back his seemingly confident assertion.
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The unveiled Treasure Map projected an $8.5 price for XRP. This isn’t his first time revealing this map. CRYPTOWZD uncovered the Treasure Map on June 30, at a time when XRP was still fluctuating around the $0.47 price region after declining from a price high of about $0.5658, two weeks prior.
🚨 XRP TREASURE MAP 🗺️
— CRYPTOWZRD (@cryptoWZRD_) August 2, 2023
Whenever you feel bad, remember you have the treasure map.. and know what’s coming 🔑 All your troubles will be history.. 🔮 https://t.co/5AC9VjL9ld pic.twitter.com/pt3akN6Eqe
While the bearish sentiment seems to have grossly affected the broad crypto market, XRP’s price ascent appeared to decline as expected. CRYPTOWZD has acknowledged the fact but remains confident of an upward trajectory for XRP soon, as he believes the Treasure Map is a suitable guide to XRP’s future price movement.
What Does This XRP Treasure Map Signify?
The treasure map represents records of XRP’s weekly trends from 2013 till the present day. It should be noted that XRP spiked from the low of $0.00583 in October 2013 to $0.06144 in December of the same year. However, all ended in July 2014 with a devastating plunge to $0.00281.
XRP’s decline in July 2014 followed a bullish run that saw the token rise to the $0.02803 price mark in December 2014. The spike in December 2014 also followed a correction, which the CRYPTOWZD tagged “A healthy bullish correction.”
The correction preceded a series of A, B, and C cycles, reflecting ups and downs patterns that ended at a price low of $0.00404 in November 2015, which finally consolidated in the rally that birthed XRP’s all-time high (ATH) of $3.3 in January 2018.
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XRP Appears To Be Repeating Historical Trends
XRP’s recent printings and market trends seem to tend towards repeating its historical price movement. It is worth noting that the current A, B, and C cycles were observed between July 2021 and June 2022, after which the strengthening period lasted between the end of the three cycles and June 2023.
Should the events in the Treasure Map be actualized, XRP could be in a prime position to attain a new ATH estimated to be valued at $8.50, which would imply an increase of 1,230% from current prices.
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