- XRP breakout fuels analyst prediction of $34 this cycle.
- Bull flag pattern supports ambitious long-term XRP price target.
- Institutional support and policy changes boost XRP’s upward momentum.
XRP has extended its rally to trade above the $3 mark, fueling speculation that the token could climb much higher in the current market phase. Technical analyst Gert van Lagen predicts that the recent price action has indicated a plausible route to reach the price of 34 before the bull cycle ends.
Van Lagen cited XRP’s breakout on a seven-year double bottom neckline at $1.80 and a successful retest, indicating that the price was now support. This structure is said to be a strong bullish indicator, and in his analysis, it forms the basis of a long-term move in the direction of $34.
Also Read: Bitcoin (BTC) Holds Above $119K as Ethereum (ETH) Leads Weekly Gains
Historic patterns reinforce the long-term target
Van Lagen’s projection is based on a 2.00 Fibonacci extension of the breakout pattern, which aligns with similar formations seen between 2014 and 2017 when XRP surged over 100,000%. Past rallies also lend credibility to this target. Since its 2022 lows, XRP has gained more than 1,000%, while the 2020 to 2021 cycle delivered gains exceeding 1,600%.
Factors, including favorable monetary conditions, legal wins for Ripple, and exchange relistings, drove such explosive moves. The current cycle also benefits from optimism around a potential spot ETF, with approval odds at 78%. According to analysts, this may drive XRP to a level as high as $27, potentially making it close to reaching the target of toppling the $34 mark.
Bull flag breakout strengthens the $34 scenario
Technical signals have further supported the bullish case. According to Irma Analytics, XRP’s push past $3.45 has triggered a classic bull flag formation following a rally from $2.10 to $3.50. This pattern has historically preceded surges of over 400%, pointing to a short-term move toward $6 and a possible extension to $15.
Irma Analytics also noted a bullish MACD crossover on the XRP chart, a signal often associated with strong upward momentum. When combined with Van Lagen’s longer-term chart structure, this layered technical picture strengthens the argument for XRP’s potential climb toward $34 as the cycle matures.
Institutional support and policy tailwinds add momentum
Institutional adoption has added weight to the bullish outlook. ProShares recently launched an XRP Futures ETF, expanding the token’s exposure to larger investment markets. At the same time, proposed legislation through the CLARITY and GENIUS Acts is expected to ease regulatory pressure, fostering an environment more conducive to XRP’s growth trajectory toward higher price levels.
Valuation factors remain a critical watch point
Although the technical and institutional background is favorable, specific basic pointers are a warning. According to DefiLlama, the total value locked in the XRP Ledger is approximately $85 million against a market cap of $190 billion, a widened ratio that is orders of magnitude further than Ethereum.
Source: DefiLlama
Also, Glassnode notes that more than 95 percent of the XRP supply is in profit, a situation that has previously resulted in profit-taking and possible sell-offs.
Source: Glassnode
Analysts believe that XRP can reach $34 this bull cycle with the boost of technical patterns, institutional interest, and policy backing. However, valuation concerns and profit-taking risk could determine whether this ambitious target is ultimately reached.
Also Read: XRP Holds Firm Above Key Support as Traders Watch for Breakout
