Can XRP price soar to $2 as multiple bullish patterns form?

XRP price rebounded back above $1.45 on Friday after bulls managed to defend the $1.40 support during the market-wide bloodbath over the past day.

After falling nearly 11% from its weekly high to $1.45 on March 19, XRP (XRP) price bounced back to $1.45 at the last check on Friday, March 20.

XRP price fell as the broader crypto market tanked amid escalating war concerns in the Middle East, which has left investors to move to a derisking mode as they turn toward gold and other safe-haven assets to park their capital until concerns cool off.

Despite the recent volatility, a few key developments could support a potential recovery for the asset.

First, whales have returned to accumulation mode in recent weeks, a major signal that often influences retail sentiment. 

In a recent X post, market analyst Ali Martinez shared on-chain data that shows XRP whales have accumulated at least 200 million XRP over the past two weeks.

Second, Goldman Sachs, one of the world’s leading investment banks, has now become the largest institutional holder of XRP in the U.S. The banking giant reportedly holds over $150 million worth of XRP across four spot XRP funds, more than the combined holdings of the next 29 institutional holders in line.

Such massive endorsements from prominent financial institutions could drive greater appeal for the token as it transitions into a mainstream investment vehicle.

Third, investor hype is also building over an XRP treasury reserve being established by Evernorth. Such a move could mirror the approach taken by Michael Saylor with Bitcoin at Strategy and help to solidify XRP as a cornerstone institutional asset.

The firm said it will be the largest XRP holder after its public listing. The strategic move could give XRP more visibility and prestige in the eyes of traditional investors who are looking for regulated exposure to the crypto market.

On the daily chart, XRP price has respected a descending parallel channel pattern in which it has been trading since mid-July 2025. A breakout from such a bullish reversal pattern has typically been a precursor to a sustained rally as it signals the end of a long-term corrective phase.

More recently, XRP price has also been forming a rounded bottom pattern, which has historically been followed by a gradual shift from bearish to bullish sentiment as buyers slowly regain control.

For now, the key resistance level to watch is $1.69, which serves as the neckline of the rounded bottom pattern. A move past this point would confirm both a breakout from the pattern and the descending channel at the same time.

A decisive break above this level could lift XRP up to $2.1, a target that has been calculated by adding the height of the rounded bottom to the point at which the breakout occurs.

Momentum indicators seem to present a strengthening case for the bulls. Notably, the MACD lines have pointed upwards while the Aroon Up at 78.57% sits far above the Aroon Down at 14.29%, also confirming that the upward trend is currently gaining significant steam.