- Breakout from a seven-year double-bottom pattern confirmed.
- 95% probability of spot ETF approval influencing sentiment.
- XRP Ledger market cap-to-TVL ratio stands at about 2,200.
XRP has surged more than 550% since November, climbing above $3 on Tuesday, and sparking discussions in the crypto market about its next potential milestone.
Technical analyst Gert van Lagen has pointed to a long-term chart pattern suggesting the token could rise to $34 by mid-2026.
This projection is based on the completion of a multi-year double-bottom structure, a bullish pattern often followed by substantial price moves.
Historical precedents, recent legal developments, and strong ETF approval expectations are also influencing investor sentiment, although on-chain metrics point to valuation risks that could temper the rally.
XRP is now trading at $3.19, down by 0.79% in the past 24 hours.
Technical breakout points to a multi-year rally
According to Van Lagen, XRP has broken out of a seven-year double-bottom pattern after pushing above the neckline resistance near $1.80.
The breakout was followed by a retest of the neckline, which acted as support.
In technical analysis, such a retest is often interpreted as confirmation of a strong breakout.
Using a 2.00 Fibonacci extension, the measured-move projection from this setup points to a target of $34 by mid-2026.
This setup resembles XRP’s 2014–2017 price action, when a similar long-term base led to a parabolic rally of over 100,000%.
XRP’s markets have seen multiple instances of large gains, including a 1,072% rise from the 2022 lows and a 1,625% surge during the 2020–2021 cycle.
Market drivers boosting XRP’s rally
The 2020–21 rally coincided with near-zero interest rates in the US, while the current gains have been driven by developments in the Ripple lawsuit, improved legal clarity, exchange relistings, and optimism for a spot XRP exchange-traded fund (ETF).
In 2025, market sentiment has been particularly influenced by forecasts indicating a 95% probability of spot ETF approval.
Analysts suggest that if an approval comes through, XRP could climb toward $27, bringing it close to Van Lagen’s target.
The ETF narrative has helped maintain bullish momentum this…