XRP News Today: XRP Eyes $34 as 7-Year Double-Bottom Pattern Validates 939.75% Upside

A market strategist has outlined an initial price target of $34 for XRP, citing the completion of a 7-year double-bottom pattern as a key bullish indicator. The technical formation, identified by analyst Cryptobless, mirrors a long-term base formed between 2014 and 2017, which culminated in a significant price rally. Following the 2018 market downturn, XRP entered a similar consolidation phase that, according to the analyst, has now reached a breakout point [1]. The double-bottom retest was confirmed in early 2025 after a brief pullback, validating the pattern’s structure and reinforcing the potential for a sustained upward move [2].

Based on the measured move principle, the $34 target is calculated by applying the depth of the double-bottom pattern to the breakout level. This projection represents a major milestone in XRP’s current cycle, with the potential for further gains should momentum persist. At present, XRP trades near $3.27, meaning the $34 target implies a potential 939.75% increase from the current level [3]. Analysts have noted that the scale and duration of the pattern increase the probability of a meaningful follow-through move, particularly if XRP remains above key support levels [4].

The current rally is also being supported by broader macroeconomic and on-chain developments. Favorable legal outcomes for Ripple and the anticipated approval of a spot XRP ETF are viewed as key catalysts for institutional adoption and increased market participation [5]. These factors, combined with the technical setup, suggest that XRP could mirror past cycles, such as the 2020–2021 and 2022–2025 periods, which saw price increases of over 1,000% and 1,600%, respectively [6]. However, analysts caution that XRP currently faces structural risks, including a high market capitalization-to-TVL ratio and a large percentage of the circulating supply in profit.

Over 95% of XRP’s supply is currently held in profit, a condition historically associated with increased volatility and potential corrections as traders take gains. This dynamic was observed during previous cycles, where similar conditions led to pullbacks after extended rallies [6]. While the bullish case is supported by both technical and macro drivers, traders are advised to remain cautious as the market approaches key resistance levels. The combination of strong on-chain activity and favorable external factors supports a continued rally, but elevated profitability and limited use cases may introduce volatility as the price moves toward higher levels [6].

Source:

[1] https://coinmarketcap.com/community/articles/689cbe9ec91b307d4e4e6bef/

[2] https://timestabloid.com/market-strategist-sets-34-as-first-target-based-on-this-historic-signal/

[3] https://www.mitrade.com/insights/news/live-news/article-3-1032295-20250812

[4] https://coinpaper.com/10469/from-double-bottom-to-moonshot-xrp-targets-34-as-et-fs-gear-up-to-outshine-ethereum

[5] https://www.ainvest.com/news/xrp-news-today-xrp-double-bottom-breakout-sees-34-target-2-neckline-clear-2508/

[6] https://coinjournal.net/news/xrp-price-up-over-550-since-november-technical-setup-suggests-possible-rally-toward-34/