Prominent figure in the industry, CRYPTOWZRD, renowned for his analytical insights, holds an optimistic outlook on XRP, evident through his “XRP Treasure Map.” This map serves as a reflection of his confidence in the digital currency’s potential, with projections pointing to a potential rally to the $8.50 range. This optimistic forecast draws from historical data trends.
Initially introduced on June 30, CRYPTOWZRD unveiled the roadmap as part of a bullish analysis of XRP’s price patterns. At that juncture, XRP was trading around $0.47, having experienced a decline from its recent high of $0.5658 two weeks prior.
Amid the current bearish sentiment surrounding XRP following a 31% retracement, the analyst encouraged the XRP community to maintain their faith. He directed attention to the outlined roadmap, presenting it as a gauge that outlines the potential trajectory XRP could follow.
XRP Treasure Map
The “Treasure Map” draws its insights from the XRP weekly chart, relying on historical trends spanning from 2013 to the present day, highlighting the significance of these patterns.
Significantly, in 2013, XRP experienced a massive surge of 953%, escalating from a low of $0.00583 in October to an impressive $0.06144 by December. However, following this surge, the cryptocurrency faced a major decline, plummeting over the subsequent six months to a lowly $0.00281 by July 2014.
Related article: BinanceUS Unveils XRP Network’s Unique Consensus Algorithm: A Journey of Insights and Exploration
Promptly following this decline, XRP rebounded, initiating another upswing to reach $0.02803 by December 2014. Nonetheless, this rally was followed by a correction phase. CRYPTOWZRD labeled this corrective period as a “healthy bullish correction,” attributing it to the subsequent price movements that transpired.
Following this, a sequence of A, B, and C patterns emerged, marked by alternating periods of upward and downward movement. This pattern ultimately concluded at a low of $0.00404 in November 2015. After this period of consolidation at a low value, XRP embarked on an extraordinary rally, surging by an impressive 1,568%. This rally peaked at the cryptocurrency’s all-time high of $3.3 in January 2018.
Could Another Projected Repetition Unfold?
According to the chart data, XRP appears to be on track to replicate similar price patterns. Notably, the ongoing cycle’s A, B, and C pattern has been evident from July 2021 to June 2022. Likewise, the period of consolidation took place between June 2022 and June of the current year.
Should the projected roadmap unfold as envisioned, there’s potential for XRP to undergo another rally, possibly achieving a new all-time high in the coming months. The outlined trajectory indicates a target price around the $8.50 range. Given its present value, a surge to $8.50 would necessitate an impressive 1,230% increase.
Despite the SEC’s plans to challenge the Ripple lawsuit verdict, XRP has maintained its position above the $0.60 mark. At the time of writing, the cryptocurrency is trading at $0.6301, reflecting a 0.62% increase today.
