XRP bulls are back in control, fueled by news that the Securities Exchange Commission (SEC) has dropped its case against Ripple.
The lawsuit has been a major factor in XRP’s suppressed price action for years. With the legal battle over, analysts see this as a key catalyst for growth.
Beyond the legal victory, long-term technical indicators suggest XRP is poised for sustained gains, potentially reaching double-digit price levels.
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Notably, technical analyst Gert van Lagen sees a major bullish signal in XRP’s seven-year-long pattern, which points to a breakout with a target of $38, he said in a March 19 X post.
According to the analysis, XRP has successfully bounced off the neckline of a massive double-bottom/ascending triangle formation, which historically precedes explosive rallies.
The outlook by Lagen indicates that XRP had previously formed a similar pattern between 2014 and 2017, triggering a parabolic breakout that hit its technical target and doubled it. Now, history appears to be repeating on an even larger scale.
After years of consolidation, XRP recently retested and confirmed the neckline as support, often a strong signal that the next leg up is imminent.
Using a measured move projection, Gert van Lagen estimates XRP’s breakout could reach at least $38. However, if history repeats, the final target could be far higher.
The last time XRP emerged from this setup, it doubled its projected target, suggesting $38 may just be the beginning of an even bigger rally.
If XRP hits a record high of $38, its market cap would be an estimated $2.2 trillion, making it the most valuable digital asset, assuming Bitcoin (BTC) stagnates over the same period.
XRP social sentiment spikes
Although the $38 target sounds ambitious, XRP first must reclaim the $3 support zone, which will require retail investors’ participation.
To this end, data shared by prominent cryptocurrency analyst Ali Martinez on March 19 highlighted that XRP sentiment on social media is surging following its latest price rally. The heightened buzz suggests growing retail interest, often a sign of FOMO kicking in.
While increased social engagement can fuel short-term rallies and signal an overheated market, the analyst noted that XRP’s latest surge might not be as strong as it seems.
In this case, data from the cryptocurrency onchain analysis platform Santiment shows that no significant whale is buying behind the current pump. Instead, open interest has spiked by $200 million, suggesting the rally is driven by leveraged trading rather than organic demand.
While leverage can amplify gains, it also increases the risk of sharp corrections if traders get squeezed. Therefore, investors should watch for sustained buying pressure to confirm whether this move has real momentum or is a temporary surge.
XRP price analysis
By press time, XRP was trading at $2.52, representing a 12% gain in the last 24 hours. On the weekly chart, the asset is up 14%.
Currently, sentiment around XRP remains bullish despite a Fear & Greed Index of 32 (Fear). Technical indicators show mixed signals, with the 50-day simple moving average (SMA) of $2.45 sitting just below the current price, indicating short-term support. At the same time, the 200-day SMA at $1.66 highlights a strong long-term uptrend.
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