XRP Supertrend Flips Bullish: Analyst Sees Repeat of 2022 Pattern

XRP's weekly Supertrend indicator has flipped bullish, which may signal a significant price movement. ChartNerd, an analyst, believes that this setup is repeating a pattern from 2022 when XRP's cycle bottom was confirmed and the Supertrend fired a bullish signal.

The asset then rallied 90% into the 50-week exponential moving average (50 WEMA), which acted as resistance and marked a local top. After a 45% correction, XRP formed a macro double bottom price floor at the June lows.

ChartNerd is tracing this setup back to 2022 and expects a repeat of history. On August 17, the weekly Supertrend flipped bullish again, and since then, XRP has broken out and pushed into the same 50 WEMA resistance zone, currently sitting around $1.52.

ChartNerd is not waiting for a potential pullback but remains positioned and continues to dollar-cost average. He believes that a repeat rejection of the 50 WEMA could produce another significant pullback, giving sidelined traders a second entry point at lower prices.