Analyst Gert van Lagen has identified a significant development in the macro structure of XRP, signaling a potential bullish breakout that could propel the digital asset to new heights. Van Lagen highlights the successful breach of a seven-year double-bottom formation, with XRP surging past key resistance levels and setting its sights on the $34 mark.
Anticipating XRP’s Potential Surge
The technical analysis reveals a distinct W-shaped base formed during the 2018–2024 bear market, culminating in a double-bottom pattern within the sub-$0.20–$0.30 range. XRP’s recent surge above the $2 handle, coupled with a successful retest of the neckline, has reinforced the bullish momentum. Van Lagen’s analysis, depicted on a logarithmic scale with two-week candles, suggests a multi-cycle reversal rather than a short-term spike.
Despite currently trading at $3.19, slightly below the 2018 all-time high of $3.40, XRP remains well-positioned above the critical $2 support level. Maintaining this level is essential to validate the double-bottom formation and sustain the upward trajectory. The Fibonacci analysis points to an initial target of approximately $34, representing a 2.00 fib. extension of the double bottom.
Van Lagen’s chart draws parallels with a similar pattern observed between 2014 and 2017, where XRP underwent a comparable breakout-retest sequence before experiencing a vertical rally. The analyst’s projection envisions a swift ascent towards the mid-$30s, followed by a period of consolidation, mirroring historical price movements.
The roadmap outlined in the analysis foresees a five- to six-month trajectory for XRP, with potential milestones including surpassing $11 within the first two-week bar and reaching above $30 by the third. While the roadmap provides a visual guide, actual market performance will dictate the pace and extent of XRP’s upward momentum.
Van Lagen’s assessment affirms the technical activation of the double-bottom pattern, setting the stage for a possible surge towards the $34 target. The upcoming price action over the next few weeks will be pivotal in determining whether XRP can sustain its bullish trajectory.
As of the latest update, XRP is trading at $3.14, with market participants eagerly monitoring its progress towards the projected target.
