XRP breakout in the current cycle could be preparing the token to rally to $100 if a repeating historical pattern plays out.
According to technical analyst Gert van Lagen, the projection is based on the fact that the Ripple-affiliated token has confirmed a double-bottom breakout, a bullish structure that previously led to XRP’s rise in 2017.
In an X post on January 14, Van Lagen noted that the double-bottom formation emerged in the 2017-2018 cycle, during which XRP surged to its all-time high near $3.50 after breaking through its neckline resistance and successfully retesting it.
Now, amid the current market cycle, the analyst observed that XRP has repeated this structure, bouncing from the neckline after a retest.
Van Lagen’s projection suggests that XRP could follow a similar trajectory, making the next target possibly around $100.
It is worth noting that although such a rally might be driven by underlying fundamentals around Ripple partnerships and regulatory developments, it remains highly ambitious. Achieving this target will also require significant support from the overall sustainability of the cryptocurrency market rally.
Indeed, a $100 target would elevate XRP’s market cap to $5.74 trillion, making it the most valuable cryptocurrency, provided assets like Bitcoin (BTC) and Ethereum (ETH) post minimal growth over the same period. However, Van Lagen did not offer a specific timeline for when XRP might reach this ambitious $100 target.
While the $100 mark may not seem achievable in the short term, XRP investors could interpret the asset’s recent breakout as a potential indicator of its trajectory toward this goal.
What next for XRP’s price
XRP has experienced one of the longest consolidation periods below the $1 mark, but recently broke out amid the post-election rally, driven by anticipation of Donald Trump’s pro-cryptocurrency stance.
Elsewhere, an analysis by Cryptoinsightuk in an X post on January 14 suggested that XRP’s technical setup points to a massive rally that “will leave people in shock.” According to the expert, the XRP/BTC pair has broken out of a multi-year downtrend.
Between 2013 and 2017, XRP consolidated against Bitcoin for 1,277 days before skyrocketing by an astounding 5,492%. Fast-forward to 2024, and XRP has just completed a significantly longer consolidation period of 2,741 days—more than twice the length of the prior cycle. With this breakout, the potential for a similarly exponential rally is anticipated.
This short-term bullish breakout is also supported by analysis from World of Charts, which predicted that XRP could target $4 in the “next couple of days.” Meanwhile, Alan Santana pointed out that XRP’s recent short-term rally against the general market momentum indicates that the token’s bullish breakout has been confirmed.
XRP price analysis
At press time, XRP was trading at $2.59, having rallied by over 7% in the last 24 hours. On the weekly chart, the asset has gained 5.3%.
At its current price, XRP is showing strong bullish momentum as it remains above its 50-day simple moving average (SMA) and 200-day SMA. With a 14-day RSI of 60.20, XRP is nearing bullish territory without being overbought, leaving room for further gains.
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