XRP has extended its rally and is trading above the $3 mark, sparking speculation that the token could rise even higher in the current market phase. Technical analyst Gert van Lagen predicts that the recent price action suggests a reasonable path to reaching $34 before the bullish cycle concludes.

Van Lagen cited XRP's breakout above the seven-year double bottom neckline at $1.80 and a successful retest, indicating that the price has now become a support level. This structure is considered a strong bullish indicator, and according to his analysis, it forms the basis for a long-term move toward $34.

Historical Patterns Reinforce Long-Term Targets

Van Lagen's forecast is based on the Fibonacci extension of 2.00 from the breakout pattern, consistent with similar patterns seen from 2014 to 2017 when XRP surged over 100,000%. Previous price surges also add reliability to this target. Since the 2022 low, XRP has increased over 1,000%, while the 2020-2021 cycle brought growth exceeding 1,600%.

Factors including favorable monetary conditions, legal victories for Ripple, and relisting on exchanges have driven these explosive moves. The current cycle is also benefiting from optimism surrounding a potential spot ETF, with an approval rate of 78%. According to analysts, this could push XRP's price to a high of $27, potentially bringing the coin close to the ambitious target of exceeding $34.

The Breakout of the Bullish Flag Pattern Reinforces the $34 Scenario

Technical signals have continued to reinforce the bullish trend. According to Irma Analytics, XRP's breakthrough above the $3.45 mark has triggered a classic bullish flag pattern following the price increase from $2.10 to $3.50. This pattern has previously often signaled price increases of over 400%, indicating a short-term move towards $6 and potentially extending to $15.

Irma Analytics also noted a bullish MACD crossover on the XRP chart, a signal often associated with strong upward momentum. When combined with Van Lagen's long-term chart structure, this layered technical picture reinforces the argument that XRP could rise to $34 as the cycle completes.

Institutional Support and Favorable Policies Provide Additional Momentum

The acceptance of XRP by institutions has contributed to strengthening the optimistic outlook. ProShares recently launched the XRP Futures ETF (XRPF), extending the reach of this token to larger investment markets. At the same time, the proposed legislation through the CLARITY and GENIUS Acts is expected to alleviate legal pressures, facilitating XRP's growth trajectory towards higher price levels.

Valuation Factors Remain Key Points to Monitor

Although the technical and institutional framework is favorable, the specific fundamental points are a warning. According to DefiLlama, the total value locked in the XRP Ledger is approximately $85 million compared to a market capitalization of $190 billion, a much higher expansion ratio than Ethereum.

Additionally, Glassnode notes that over 95 percent of XRP supply is in profit, a situation that has previously led to profit-taking and potential sell-offs. Analysts believe XRP could reach $34 in this bullish cycle thanks to the support of technical models, institutional interest, and policy backing. However, concerns about valuation and profit-taking risks may determine whether this ambitious target is ultimately achieved.