XRP Rallies 550% on Double-Bottom Breakout as Spot ETF Approval Nears
XRP has surged over 550% since November, breaking out from a seven-year double-bottom pattern above the $1.80 neckline and retesting support. Technical analyst Gert van Lagen projects a measured move to $34 by mid-2026 on this bullish setup. The rally is underpinned by positive developments in the Ripple lawsuit, exchange relistings and a 95% probability of a spot XRP ETF approval. However, onchain metrics signal valuation risks: the XRP Ledger’s market cap-to-TVL ratio stands near 2,200 versus Ethereum’s 5.6, and more than 95% of circulating XRP is in profit, heightening profit-taking pressures. Traders should balance the bullish technical breakout and ETF optimism with onchain imbalances when planning near-term positions and long-term targets.
Bullish
The combined analysis points to a bullish outlook for XRP. The decisive breakout above the seven-year double-bottom pattern and retest confirms strong upward momentum, while a 95% probability of spot XRP ETF approval and favorable Ripple lawsuit developments add fundamental support. Although onchain metrics — including a high market cap-to-TVL ratio and over 95% of holders in profit — suggest profit-taking risks, the technical setup and ETF optimism are likely to drive further gains. In the short term, traders should manage volatility around profit-taking; in the long term, the bullish structure and potential ETF launch underpin upside to the $34 target by mid-2026.