XRP Price Heading To $0 Or $60? Analyst Alex Kruger Explains His Chart
While Ripple and XRP have had a great 2019 with various achievements, such as new partnerships for the company and increased adoption for the coin, what failed to succeed was a significant surge in the price of this digital asset.
An important crypto analyst just said that Ripple and XRP fans are upset with him for no reason.
Alex Kruger’s chart creates a controversy
The Daily Hodl mentions Alex Kruger, who posted a chart and he addressed biased and inaccurate results.
In roder to make his point, he posted a chart of XRP using a linear regression – this is a technical indicator designed to show potential trends based on price volatility.
He picked a starting date, January 1, 2018, and highlighted that this indicator shows that XRP goes all the way to $0.
Kruger highlighted the fact that his aim was to prove a point about technical analysis:
“This is not a prediction. Used XRP and a simple statistical model to illustrate the bias introduced by the choice of starting point or sample.
=> long bias: regress from starting point or lowest price point.
=> short bias, regress from the top.”
— Alex Krüger (@krugermacro) November 27, 2019
After that, just to make things clear, he said: “I used XRP to illustrate how price predictions based on statistical modeling are heavily dependent on starting point. No, XRP could not go down to zero by next February.”
As expected, the XRP army of fans bashed Kruger like there’s no tomorrow, and following this result, he posted another tweet in which he was showing how XRP will reach $60 by 2030.
— Alex Krüger (@krugermacro) November 29, 2019
New Bitcoin and XRP prediction emerges
He said that this fall would create a tidal wave of red in the crypto market and slash XRP and BTC might trend higher in a short-lived relief rally.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.