XRP News Today: XRP Double-Bottom Breakout Sees $34 Target After $2 Neckline Clear

Ripple’s XRP has shown a significant technical development, with analyst Gert van Lagen identifying a completed double-bottom pattern that could set the stage for a potential move toward $34. The formation, which has taken shape over a seven-year period from 2018 to 2024, features two distinct lows within the sub-$0.20–$0.30 range, followed by a breakout above a key neckline near the $2 level [1]. Van Lagen’s analysis, based on a logarithmic two-week candle chart, emphasizes the technical confirmation of the pattern through a breakout and a successful retest of support around $2. This sequence, considered a textbook move in technical analysis, validates the double-bottom structure and suggests a potential continuation [1].

According to van Lagen, the projected target for XRP is derived from Fibonacci extension levels, with the 2.00 extension of the double-bottom pattern landing near $34. This target is based on the height of the base on a log scale, meaning the potential upside is not just a few dollars but a multi-digit increase in price [1]. The analyst’s chart also includes a comparison with the 2014–2017 XRP cycle, where a similar double-bottom pattern led to a significant price surge. The current setup, however, is on a much larger scale, covering a broader price range and a longer time horizon [1].

Van Lagen’s analysis includes a time-based projection using twelve forward two-week candles, suggesting a potential five- to six-month timeline to reach key price levels. The first projected bar could see XRP surpassing $11, with subsequent bars indicating a possible peak above $36 within six weeks. The chart also outlines potential retracement patterns and a cooling phase, illustrating how the market might behave after a rapid breakout [1]. These projections are based on the analyst’s interpretation of historical price movements and should be viewed as technical possibilities rather than guarantees.

At the time of the analysis, XRP was trading at $3.14, having already broken the $2 neckline and holding above it [1]. This position is crucial, as it maintains the integrity of the double-bottom thesis. The prior all-time high of $3.40 now acts as a key psychological level and potential resistance. If XRP can continue to hold above the $2 level, the measured move based on the double-bottom pattern suggests a path toward the $34 target [1]. However, the actual execution of this move will depend on the strength and sustainability of the current uptrend, as well as broader market conditions.

The analysis also highlights the importance of the EMA20 (20-day exponential moving average) in confirming the momentum of the move. Holding above this indicator on the one-day chart could signal continued strength and support for the bullish case [1]. While the potential move toward $34 is based on a well-defined technical pattern, it is important to note that market behavior is influenced by a wide range of factors, and no projection can account for all variables.

Source: [1] XRP Double-Bottom Breakout Sets Sights On $34, Predicts Analyst (https://www.newsbtc.com/xrp-news/xrp-double-bottom-breakout-34-predicts-analyst/)