Gert van Lagen, a Dutch market veteran, expects XRP to resume its bull run “parabolically” after recently bouncing off the neckline of its double bottom structure.
Notably, data from van Lagen’s two-week chart shows that this double bottom pattern has formed over seven years, making it one of the most extensive structures in crypto history. Interestingly, analysts often suggest that the longer a structure holds, the greater the uptrend once a breakout occurs.
For the uninitiated, a double bottom is a bullish reversal pattern where the price drops to a similar low twice, with a brief rise in between. When the structure forms, it typically suggests that the downtrend may be ending, especially after the token breaks above the neckline.
XRP Forms Seven-Year Double Bottom
In XRP’s case, the double bottom pattern started forming during the pullback from the $3.8 peak in January 2018. Specifically, the first bottom formed when XRP collapsed to a low of $0.1140 in March 2020 and then recovered to a high of $1.96 by April 2021. This recovery represented the brief rise.
After the $1.96 top, XRP again collapsed to a floor price of $0.2870 in June 2022 on the back of the Terra ecosystem implosion a month before. This represented the second bottom. However, the structure was incomplete until XRP surged to the neckline around $2.
Notably, this surge occurred during the November 2024 upsurge, as XRP rode on the market momentum from Donald Trump’s victory to reach $2 in early November, completing the double bottom structure. However, amid this rally, XRP also breached the neckline at $2, leading to a decisive breakout.
XRP Retesting Breakout
The rally led to a peak of $3.4 by January 2025, but market forces introduced resistance in this region, pushing XRP below the $3 mark by February and resulting in a sustained consolidation that lasted for over six months.
Nonetheless, despite this pullback, XRP held above the double bottom neckline at $2. This was an undeniable signal of strength. Notably, following breakouts like the one that happened in November 2024, the market often consolidates to retest the neckline and build up strength before the next leg up.
Now, amid the latest market upsurge, XRP has pushed firmly above the $2 neckline region, and Van Lagen believes this is a sign of a much higher uptick. He suggested that XRP is set to resume its bull run “parabolically” after bouncing off the neckline of the double bottom structure.
As a result, the market veteran sets a target of $38, which represents a 1,238% increase from the current price of $2.84. Besides van Lagen, other analysts have also predicted a run toward this price region. For instance, CryptoInsightUK predicted last December that XRP could rally to $35.
Despite the audacious nature of the $38 target, van Lagen believes it is conservative. He cited a similar double bottom breakout from 2017, which led to more than 13,000% increase to $3.8 by January 2018. According to him, this run represented 2x the parabolic target.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
