Will XRP See $34 After 7-Year Double-Bottom Retest?
Macro strategist Gert van Lagen says XRP has finished a critical structural step and is “ready to rip,” pointing to a completed retest of a seven-year double-bottom breakout and a Fibonacci extension that places the first major upside target near $34.
The double bottom pattern is a classic bullish reversal formation, indicating a shift from a downtrend to an uptrend. In XRP's case, this pattern has been forming over seven years, with the price dropping to a low, recovering, dipping again to a similar level, and then rising once more. Van Lagen notes that such prolonged formations often precede significant price movements.
Van Lagen's target of $34 is derived from the 2.00 Fibonacci extension of the double bottom pattern. He compares this setup to a similar pattern observed in 2017, which led to a significant price increase.
Given the historical precedent and the current technical indicators, Van Lagen believes a rally to $34 is a conservative estimate, with the potential for even higher gains if the bullish momentum continues with XRP's current price being $3.12.
This target aligns with XRP’s recent bullish $23 forecast, driven by the powerful Valhalla Gate catalyst.
XRP ETFs Set to Outperform Ethereum, Predicts Canary Capital CEO
Steven McClurg, CEO of Canary Capital, has forecasted that XRP exchange-traded funds (ETFs) could outperform Ethereum (ETH) ETFs upon their market debut.
This prediction gains traction following the U.S. Securities and Exchange Commission's (SEC) official conclusion of its lawsuit against Ripple, which had previously cast uncertainty over XRP's regulatory status.
Key Factors Driving Optimism
1. Yield Structure Advantage
Unlike Ethereum, which offers staking rewards of 2–3% to holders, XRP does not provide staking yields. McClurg points out that this absence makes XRP ETFs more attractive, as investors do not forgo potential staking income when opting for the ETF.
In contrast, Ethereum holders can earn staking rewards directly, potentially reducing the appeal of ETH ETFs.
2. Market Leadership in Payments
XRP has established itself as a leader in blockchain-based financial services, particularly in cross-border payments and institutional settlements. McClurg likens XRP's role in payments to Bitcoin's role as a store of value, suggesting that XRP's market dominance could translate into strong demand for its ETF products.
3. Strong Community and Institutional Support
The XRP community is known for its loyalty and engagement, which could drive significant retail and institutional interest in an XRP ETF. McClurg predicts that an XRP ETF could attract up to $5 billion in inflows within its first month, potentially surpassing the early performance of ETH ETFs.
Regulatory Developments and Market Sentiment
The SEC's dismissal of its lawsuit against Ripple has significantly reduced regulatory uncertainties surrounding XRP. Prediction platform Polymarket now places the odds of an XRP ETF approval in 2025 at over 88%, a sharp increase from 53% the previous week. Bloomberg analysts have further raised these odds to approximately 95%.
Canary Capital, which has filed for an XRP ETF, is optimistic about launching the product before the end of the year. The firm plans to utilize proprietary indices for more accurate ETF tracking, moving beyond traditional benchmarks like those from the CME.
Conclusion
With the resolution of legal challenges and a favorable yield structure, XRP ETFs are poised to capture investor interest. McClurg's forecast underscores the potential for XRP ETFs to outperform their ETH counterparts, driven by XRP's market positioning, community support, and the diminishing regulatory hurdles.
Meanwhile, Gert van Lagen's analysis presents a compelling case for XRP's potential to reach $34, driven by the completion of a seven-year double bottom breakout and the application of Fibonacci extension levels.
