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XRP’s weekly chart is being compared to the 2017 setup that preceded a major rally, with analysts saying bulls need to clear key resistance around $2 before any sustained upside move can be confirmed.
A long-term fractal comparison between the 2017–2018 and 2024–2026 cycles suggests XRP’s sell-off from $3.66 multi-year highs resembles a pattern that formed a bottom before a sharp reversal.
On the weekly chart, XRP’s drop to $1.10 is described as similar to a retest of the lower trendline of a symmetrical triangle seen in 2017, when the price fell to $0.12 and marked a local bottom.
In 2017, XRP consolidated within the triangle as leverage reset, then broke above the triangle’s upper trend line and rallied 1,577%.
Using the same framework, XRP bulls are said to need a move above the $1.78–$2.30 resistance area to confirm a sustained upward breakout.
The $2 level is highlighted as a point where multiple technical elements converge, including the triangle’s upper trendline at $2, the 100-week simple moving average (SMA), and the 50-day SMA.
UTXO realized price distribution (URPD) data is cited as showing large supply clusters that remain above the current spot price. In this distribution, $2 accounts for 3.6% of XRP supply, while $1.80 comprises 3.15%, both characterized as heavy overhead resistance.
CryptoQuant data is cited for XRP’s multi-exchanges daily depositing/withdrawing transactions delta—tracking the net number of XRP transfer transactions across 15 major exchanges—which has reportedly dropped to record lows.
CryptoQuant analyst Amr Taha said that when the metric declines, it suggests more investors are withdrawing XRP into external wallets, a behavior he said often reflects accumulation and long-term confidence.
Fellow analyst Darkfost added that the number of XRP withdrawal transactions on Binance has shown several sudden spikes in recent days, including more than 14,000 withdrawal transactions from Binance on March 6.
Darkfost said this points to investors accumulating and then transferring tokens to private wallets rather than keeping them on exchanges.
As a result, XRP’s balance on exchanges has fallen to 12.9 billion as of Wednesday, levels last seen in May 2021.
The article also notes that outflows from US-based spot XRP ETFs eased after Goldman Sachs emerged as the largest ETF holder, which it frames as a sign of institutional confidence in XRP’s long-term potential.
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