Bitcoin and XRP are surging toward their strongest weekly closes since 2024, powered by a historic short squeeze and a wave of supportive policy signals from Washington. On-chain data has also flashed a rare bottom signal, indicating that the recent rally may represent more than a temporary bounce.
According to data, Bitcoin trades above $79,000, marking a roughly 25% increase over seven days and a gain of more than 13% in 24 hours. Analysts noted this represents the biggest weekly gain since February 2024, adding approximately $280 billion to the market capitalization in under five days. CryptoQuant analyst Crypto Dan pointed out that the MVRV ratio, which compares current market value to realized value, is showing a vertical rise. This metric has historically preceded major cycle bottoms in past downcycles.
XRP experienced even larger gains, trading near $1.40 with a weekly increase of about 31% and an 18% jump over 24 hours after previously hovering near or below $1. Analysts described it as XRP's strongest week since November 2024. The upward movement was largely fueled by a historic short squeeze that liquidated billions of dollars in leveraged bearish positions, forcing sellers to buy back coins and accelerate the rally. Meanwhile, macroeconomic factors included the US Treasury doubling long-term bond buybacks and President Trump expressing support for the CLARITY Act during a White House meeting.
Technical Outlook and Key Levels
Technical analysts are closely monitoring several resistance and moving average zones to determine the durability of the market shift:
- Bitcoin: Trader Ted highlighted that Bitcoin's weekly candle has broken through multiple resistance levels. The next major test is situated between the $78,000 and $80,000 resistance zone, where a successful reclaim could signal the end of the bearish structure dominating since late 2025.
- XRP: Analyst ChartNerdTA noted that XRP's weekly 20 and 50 EMAs are trading between approximately $1.20 and $1.50. A sustained reclaim of these moving averages would indicate a macro bullish shift, while failing to hold could lead to consolidation or a pullback toward longer-term support.
While short-term momentum remains strong, the market continues to exhibit volatility. Observers are watching to see if the rally transitions from squeeze-driven gains into sustained organic demand through continued on-chain activity and ETF flows.
