Bitcoin SOPR hits 2026 high as XRP targets $1.50
Bitcoin's spent output profit ratio remains above breakeven since August 19, marking the longest bullish streak of 2026. Ripple trades near $1.42 with $1.50 as the key resistance level.
Bitcoin onchain metrics show a shift away from typical bear market behavior. The spent output profit ratio, or SOPR, has stayed above the breakeven level of 1.0 since August 19. This represents the longest continuous bullish streak recorded in 2026. Data from CryptoQuant confirms that coins moving on the network are being sold at higher prices than they were previously acquired. This trend challenges the prevailing narrative of a deep bear market.
Ripple XRP trades at $1.42 on Wednesday. The asset is building on a confirmed support range between $1.30 and $1.35. The token currently sits above major moving averages. This positioning reinforces a short-term bullish outlook. Traders are watching for a breakout above the $1.50 psychological barrier. Clearing this level would open the path toward $1.70 and potentially $2.00.
Ethereum Reclaims Key Support Level
Ethereum has recovered to trade above $2,500. This price point serves as short-term support for the asset. The recovery suggests that the recent uptrend may gain momentum. Bitcoin and Ethereum are trending higher together on Wednesday. This synchronized movement indicates broader strength in the major cryptocurrency sector. The market is showing signs of stability after recent volatility.
Treasury Actions Support Market Sentiment
The US Treasury has doubled down on buyback programs. This action provides a supportive backdrop for digital assets. Investors view these measures as a positive signal for liquidity. The combination of onchain data and macroeconomic support creates a favorable environment. GN markets/crypto notes this alignment of factors. The market is responding to these fundamental drivers with renewed buying interest.
Resistance Levels Define Next Moves
XRP faces capped upside until specific barriers are cleared. The $1.50 level is the immediate hurdle. Failing to break this level may result in continued consolidation. Success would validate the bullish thesis established by the current support structure. Traders are positioning for a potential extended recovery. The path to $2.00 remains open if momentum holds. Precise technical levels are guiding the next phase of price action.
