XRP Breaks 7-Year Double Bottom, Targets $34 via Fibonacci
XRP has broken out of a seven-year double bottom pattern at the $1.80 neckline and successfully retested that level. Analyst Gert van Lagen projects a primary upside target at $34, based on the 2.00 Fibonacci extension of the formation. The recent rally cleared XRP’s previous all-time high of $3, suggesting a significant shift in long-term momentum.
Technical indicators support this bullish outlook. The monthly MACD shows a strong upward trend, with the MACD line at 0.58318 above the 0.41917 signal line and a positive histogram of 0.16402. The monthly RSI stands at 74, indicating overbought conditions, but past cycles sustained rallies despite elevated RSI readings. Seasonal analysis also favors additional gains, as XRP historically posts its strongest rallies in the final quarter, particularly from late November into December.
Crypto traders should watch for continued buying pressure above key support levels. A confirmed move toward $34 would mark one of the largest upward swings in XRP’s history. Short-term volatility may arise due to overbought signals, but the overall bias remains bullish.
Bullish
The breakout from a seven-year double bottom and successful neckline retest closely mirror XRP’s 2017 surge after a similar pattern. The powerful Fibonacci extension target at $34, combined with a bullish monthly MACD and sustained high RSI readings, indicates strong buying momentum. Seasonal trends further reinforce potential gains, as XRP historically rallies in year-end quarters. While overbought RSI levels could spur short-term pullbacks, the structural pattern and technical indicators point toward continued upward pressure. Traders have historically responded to such breakouts with increased volume, supporting a bullish bias both in the near term and over the longer cycle.