Cryptocurrency

Focusing On Z-Score Indicator and XRP Historical Data, Analyst Predicts a 7,721% Rally to $39

XRP seems poised for a potential rally sooner than expected, as bullish predictions for the digital asset continue to flow from top crypto analysts and chartists.

In one of the most recent XRP price predictions, Bilbuwoo, a crypto and XRP enthusiast, took to the X app to call followers’ attention to a pattern he observed in the XRP price movement.

Using a chart to drive his assertion, the crypto analyst noted that XRP is on the verge of witnessing a rally that would catapult its price to a high of $39.

Read Also: Japanese Researchers Discover Correlation Between XRP Price and Transaction Network System

Bilbuwoo’s forecast focussed on the Z-score indicator and was inspired by a similar 2017 XRP price pattern.

Meanwhile, for context, Z-scores indicate statistical measures for accessing the distance between a data point and the average when dealing with standard deviations.

Reviewing The Historical Pattern That Supports Bilbuwoo’s Analysis

According to Bilbuwoo, XRP’s current trend dates back to 2015, when the asset declined from its price high of $0.02803 in December 2014. 2015 saw XRP shed off all gains, accrued in 2014. 

In 2015, XRP seemed deep in slashing profits, succumbing to its lowest point in September.

XRP entered the accumulation phase after attaining its lowest point. The accumulation period extended till 2017 when the Z-score revisited its lowest level and rebounded. 

The bounce-back orchestrated what Bilbuwoo tagged as the “Explosion Period.” Notably, it birthed the unprecedented rally in January 2018 that resulted in XRP attaining its all-time high (ATH) price level at $3.3. 

How XRP Seems to Parallel This Past Record

After its peak in April 2021, when it attained a $1.9669 price high, XRP steadily corrected its previous gains. Amid the correction, the Z-score revisited its lowest point in May 2022, leading invariably to another accumulation phase.

XRP continued maintaining conditions for being in an accumulation period. However, the digital asset retouched its lowest point, implying that the much-anticipated rally might be playing out sooner than expected.

Read Also: Analyst Lists 3 Events to Cause Another Massive XRP Price Uptrend, Ripple CTO Recently Hinted at Number 3

Bilbuwoo’s prediction for potential XRP price movement went thus: He forecasted that XRP would reach the $6.1476 price level before a correction set in, bringing it down $3.1597. 

The crypto analyst noted that the correction would precede another bull run that would first catapult XRP to the $24.7229 price level and then to an unprecedented ATH of $39.8903, a 1,108.8% increase from its previous $3.3 all-time high.

At the time of writing, XRP is changing hands at $0.51, with a market cap of $27,171,114,586 and a 24-hour trading volume of $729,022,128. An increase to the projected $39.8903 price mark would imply a percentage increase of 7,721.6%.


Follow us on Twitter, Facebook, Telegram, and Google News

Chinedu Agbakwusi

Chinedu Agbakwusi is a medical student at the prestigious Nnamdi Azikiwe University with sound knowledge of the crypto space. I am here to be a reliable plug for well-researched crypto content ranging from crypto news to market analyses and blockchain inventions.

Recent Posts

CZ Binance Signals More Support For LUNC and USTC Recovery

On November 11, Binance's co-founder and former CEO, Changpeng Zhao (CZ) stated in a tweet,…

31 minutes ago

Bull Run In Full Effect? Smart Investors Turn to These 3 Top Coins for Huge Price Rallies

The crypto market is on fire again after the US presidential elections. This has led…

1 hour ago

Shiba Inu Lead Dev: It’s Time We Showcased SHIB Power

In a recent announcement, Shytoshi Kusama, Shiba Inu's lead developer, addressed the skepticism surrounding SHIB’s…

2 hours ago

CMC Expert List On Fastest Growing Crypto Currencies In 2024: Bonk, Cardano And Yeti Ouro

According to experts at CoinMarketCap (CMC), Bonk (BONK), Cardano (ADA), and Yeti Ouro (YETIO) are…

3 hours ago

XRP Is About to Double Bottom Versus Bitcoin. Here’s the Significance

In a recent analysis, prominent market analyst CryptoBull shared an updated chart on the XRP-Bitcoin…

3 hours ago

Ripple vs SEC: Gensler Grows Net Worth By Millions of Dollars from Lawsuit Fine Commissions

Gary Gensler, the current Chair of the U.S. Securities and Exchange Commission (SEC), has held…

3 hours ago