XRP Technical Setup Suggests Multi-Year Rally Ahead, Says Market Strategist
XRP has been locked in a battle below the $3 price level, but a prominent strategist believes the token could be gearing up for a historic breakout. Analyst EGRAG has identified a multi-year double bottom pattern on XRP’s chart, strengthening the case for a push into double-digit territory.
A Pattern Years in the Making
For context, XRP has slipped nearly 25% from its July peak of $3.65 to lows around $2.7 earlier this month, before recovering slightly to trade at $2.82. While some analysts, such as Crypto Rover, argue that XRP’s next major move may top out near $4, EGRAG believes the long-term technicals point much higher.
The double bottom formation traces back to early 2018. XRP first collapsed from a $3.31 peak in January 2018 to $0.1140 by March 2020, later rallying to $1.9669 in April 2021. The second bottom formed as XRP plunged from that 2021 high to $0.2870 in June 2022 during the fallout of the Terra ecosystem crash, before rebounding to nearly $1.95 in November 2024 amid the U.S. election-driven market surge.
This structure placed the neckline between $1.95 and $2, which XRP decisively broke in December 2024 when it surged past $2, effectively confirming the bullish pattern.
Long-Term Breakout vs. Short-Term Risks
Since January 2025, XRP has traded within a parallel channel between $2 and $3.6, consolidating without a decisive breakout. According to EGRAG, once this channel is breached, the setup could pave the way for a rally targeting $22 to $27.
Still, short-term caution remains. Market watcher Dom recently warned that XRP is “hanging by a thread” on the XRP/USOIL chart, with bulls needing to step in to prevent a drop toward seven-month lows.
With the multi-year double bottom now validated, XRP’s next major move could prove pivotal for its long-term trajectory.
