A recent video from popular crypto channel Cheeky Crypto has sparked a major discussion among investors, highlighting a bold prediction from macro strategist Gert van Lagen: a potential rise in XRP’s price to an astounding $34. This ambitious forecast is not based on speculation, but on a deep dive into technical analysis, specifically a significant seven-year-long double-bottom chart pattern.
What is the Double-Bottom Pattern?
In technical analysis, a double-bottom pattern is a bullish reversal formation that looks like the letter “W” on a price chart. It signals that a downward trend may be coming to an end and a new, upward trend is about to begin. This pattern is considered a strong indicator of a trend reversal.
For XRP, this pattern has been forming over several years. The two “bottoms” of the “W” were identified as:
- First Bottom: A sharp drop to around $0.11 in March 2020.
- Second Bottom: A slide to approximately $0.28 in June 2022.
The highest point between these two lows, known as the “neckline,” was around $2.
The Breakout and Re-test: A Bullish Signal
According to the analysis, XRP’s price broke above this critical $2 neckline in November 2024. This breakout is a crucial signal for traders, as it confirms the completion of the double-bottom pattern. Following the breakout, the price re-tested the $2 level, holding it as a new support floor from February to July 2025. This re-test further solidified the pattern and gave analysts increased confidence in a potential major rally.
Why the $34 Price Target?
The $34 target is not a random guess. The analysis draws a parallel to a similar double-bottom pattern that formed between 2014 and 2017. When XRP broke out of that pattern, its price saw a massive jump. The current pattern, being of a longer duration, suggests an even more significant price movement could be on the horizon.
While a $34 price for XRP may seem highly optimistic, the technical analysis based on the double-bottom pattern and historical data provides a plausible roadmap for a substantial rally.