XRP Mirrors Explosive Bullish Pattern That Propelled BTC to $100K – History Repeating?
XRP just flashed a chillingly familiar technical formation—one that last appeared before Bitcoin's historic surge past $100,000. Market veterans are scrambling to interpret the charts while retail traders meme about Lambos.
The setup: A near-perfect recreation of the Wyckoff accumulation pattern that marked BTC's 2023 basing period. When that playbook last unfolded, it triggered a 600% rally. Now XRP's price action is tracing the same fractal geometry.
Key levels to watch: The $0.75 resistance zone that crushed three previous breakout attempts. A clean break here could open the floodgates—just like BTC's decisive conquest of $30k became the launchpad for its parabolic move.
Meanwhile, institutional desks are quietly building positions while CNBC anchors still call crypto a 'fad.' Nothing fuels a rally like Wall Street's FOMO after dismissing an asset for years.
XRP defies bearish MACD histogram
The underlying strength in XRP is evident from the way prices have been behaving relative to the MACD histogram in recent weeks.
The moving average convergence divergence (MACD) histogram is an exponential moving average (EMA)--based trend-following indicator widely tracked by both institutions and retail investors to identify price trends and measure trend momentum.
The MACD bars crossing from negative to positive indicate a bullish shift in momentum, suggesting the start of an uptrend in the asset's price. A crossover below zero suggests otherwise, with consecutive deeper bars indicating a strengthening of the downward momentum.
XRP's weekly chart MACD, used by traders to gauge long-term trends, crossed below zero in the first week of March, signaling a renewed downtrend.
However, a pronounced downtrend has not yet materialized, with prices mainly trading back and forth between $2 and $2.60, barring occasional short-lived dips below $2.
The divergence, marked by persistently bearish MACD and largely directionless trading, hints at bullish vibes or resilience beneath the surface – bulls successfully absorbing supply.
This prolonged divergence means the potential for a sudden bull revival and price increases. The bull case is supported by the upward-sloping 50-, 100- and 200-week simple moving averages (SMA).
BTC defied bearish MACD in 2024
The above-discussed divergence in XRP is similar to the conditions in BTC last year when the weekly MACD kept flashing red throughout the Summer. At the same time, BTC traded range-bound, barring occasional short-lived dips below $60,000.
CoinDesk noted the divergence in mid-September last year when BTC changed hands at around $59,000. Weeks later, BTC ROSE to $70,000, eventually topping the same in November to hit record highs above $100,000.
Let's see if XRP follows the same path.
