In a recent analysis, Bilbuwoo presented a compelling projection regarding XRP. While discussing XRP’s current trajectory, the analyst highlighted that it is exhibiting a pattern reminiscent of its behavior in 2017. Bilbuwoo urged traders to consider their XRP holdings carefully in light of this observation.
Central to Bilbuwoo’s projection is his meticulous examination of historical trends, with a specific emphasis on the Z-score indicator. He stressed the importance of historical patterns, asserting that they have a tendency to repeat themselves. He shared a chart that visually depicted his thorough analysis to reinforce his point.
Z-scores are statistical metrics used to gauge the relative position of a data point in relation to the mean, quantified in terms of standard deviations.
The analysis unveils that XRP is replicating a pattern reminiscent of its behavior in 2015. Following a decline from its peak of $0.02803 in December 2014, XRP underwent a retracement phase throughout 2015, erasing the gains made in 2014.
Amid this retracement, the Z-score on the weekly chart plummeted to its nadir, hitting -2.3 in September 2015. The chart vividly illustrates that XRP entered an “accumulation” phase following this Z-score decline, which persisted until March 2017. During this period, the Z-score underwent a retest of its lowest level and subsequently rebounded.
This rebound marked the initiation of what Bilbuwoo called the “explosion” phase, igniting a monumental price surge that propelled XRP to its all-time high (ATH) of $3.3 in January 2018.
XRP Echoing Historical Trends
At present, XRP is faithfully replaying this precise sequence. After reaching its pinnacle at $1.9669 in April 2021, XRP has steadily retraced its previous gains. During this correction phase, the Z-score touched its lowest point in May 2022, marking the beginning of yet another accumulation phase.
However, XRP has remained firmly within the accumulation phase until this point. However, the Z-score has again reached its lowest level, indicating the conclusion of the accumulation phase and the imminent arrival of the highly-anticipated “explosion” phase.
Bilbuwoo’s projection for this cycle is ambitious. He envisions XRP surging to $6.1476 before a subsequent correction, bringing it down to $3.1597. Following this correction, he anticipates another explosive surge that would propel XRP to $24.7229, culminating in an ultimate rally to $39.8903.
Considering its current trading price of $0.4993, XRP faces a substantial journey ahead to reach this lofty price target. Achieving the projected value of $39.8903 would necessitate an astonishing 7,918% surge from its present price.