XRP price eyes $38 as a 7-year double-bottom breakout fuels bullish momentum. Price hits $2.98 after a 30% weekly surge, now testing $3 resistance.
After a remarkable 30% increase in the last seven days to trade at $2.98, XRP is now hovering below $3.
After making huge increases over the past seven days, XRP has surpassed Tether (USDT) and won back the third position in the market capitalization ranking of the cryptocurrency market.
After the recent gains broke out of a seven-year bullish pattern, a leading analyst predicts the price may go to $38.
XRP Price Is $38, Following Double Bottom Breakout
According to X analyst Gert van Lagen, a double-bottomed pattern has been developing on the two-week chart for XRP over the past seven years, suggesting that the altcoin may soon go into a spectacular rebound.
The price first broke out of the neckline resistance of this huge pattern in late 2024, when it rallied by triple-digit percentage gains, according to the analyst’s pattern.
Although it has now turned this neckline into a firm support level, the absence of a distinct breakout has compelled it to consolidate for seven months.
According to Lagen, XRP price may reach $38, which is the height difference between the neckline resistance and the double-bottom support level, provided it can maintain its current bullish momentum.
The market capitalization of XRP would be $2.2 trillion, or roughly the same as that of Bitcoin, if the price reached $38.
A rise to $38 may take years to occur rather than occurring in a short period of time.
In addition to this analyst’s bullish long-term price prediction, bullish traders will also benefit from the short-term prognosis.
According to a recent CoinGape research, XRP price might soon hit $4 as Bitcoin attempts to hit new all-time highs.
ETF Performance, Whale Accumulation, GENIUS Act Could Drive Profits
Numerous variables will probably contribute to the XRP climb to $38, but the primary one is the continued stockpiling by whale addresses.
Whales with over a million coins have purchased 100 million Ripple tokens in the past seven days, according to Santiment data, while whales with at least 100 million coins have purchased an incredible 1.45 billion coins.
The price of XRP may rise if whales continue with their accumulation binge.
Furthermore, as evidenced by the Teucrium XXRP ETF, which has accumulated more than $248 million in net assets, their purchasing patterns coincide with a sharp rise in institutional demand for this cryptocurrency.
Due to this accomplishment, many investors speculate that a spot XRP ETF may soon be approved, particularly as US lawmakers are debating several crypto-friendly bills this week.
Eighty-five percent of Polymarket investors believe this product will be approved before the year ends.
Last but not least, the US House of Representatives‘ discussion of the GENIUS Act this crypto week is encouraging for the RLUSD stablecoin, and its rise will influence the performance of the XRP price.
According to CoinMarketCap data, the stablecoin now has a $517 million market capitalization. It may continue to expand if rules are made more lenient, which also helps XRP.
In conclusion, the price of XRP still follows a double-bottom pattern that has been in place for the past seven years.
After the 30% weekly gains, there are indications that a breakout is possible, and the price may climb as high as $38.
