Harry Redknapp's side are rooted to the bottom of the table and know they will have to pull off a great escape if they want to retain their top-flight status, with six points currently between them and safety.
But the Hoops are unbeaten in five Premier League encounters and 23-year-old Morocco international Taarabt is still hopeful they can beat the drop.
"We have 13 games left and six points (between us and safety) and you never know, so I hope we can do it. We still believe," he told Sky Sports.
"This has happened, I don't know how to explain that. But everybody is trying to work hard and since the new manager has arrived we are doing better."
Taarabt, who missed a penalty last weekend as QPR's home clash against Norwich ended in a goalless draw, believes his side are in need of some good fortune.
"I think we needed a bit of luck because I think we play very good," he added. "Against Norwich I think we had a big chance to win the game.
"If I hadn't have missed the penalty we had a big chance to get close to the other teams. But I missed it and we focus on the next game."
QPR brought in 11 new faces in last summer's transfer window and Taarabt believes that increased the expectation on them to do well this season.
"I think the expectation on QPR from people was big at the beginning of the season," he said.
"Everybody maybe saw us doing very well this season, because we bought 11 or 12 players, and it's been difficult."
To find out more about live football on Sky sports, Click here