Bitcoin and XRP Soar Towards Strongest Weekly Close Since 2024

Bitcoin and XRP surged this week, closing in on their strongest weekly performance since 2024. The historic short squeeze drove the move, with billions of dollars' worth of leveraged bearish positions being liquidated as prices broke higher.

XRP outperformed Bitcoin, trading at $1.40, up approximately 31% over the past seven days and more than 18% in the last 24 hours. This marks XRP's strongest week since November 2024.

CryptoQuant analyst Crypto Dan noted that the MVRV ratio, which compares Bitcoin's current market value to its realized value, has flashed a rare bottom signal. This metric has historically preceded major cycle bottoms and suggests that the possibility of the market turning from decline to ascent is growing.

Bitcoin's price action broke through multiple resistance zones, with Trader Ted pointing out that reclaiming the $78,000-$80,000 range could signal the end of the bearish structure that has dominated since late 2025. For XRP, analyst ChartNerdTA emphasizes the importance of reclaiming the weekly 20 and 50 EMAs to mark a genuine macro bullish shift.