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According to prominent cryptocurrency trader K A L E O (@CryptoKaleo), the XRP/BTC ratio is currently primed for a squeeze.
The token's most recent candle on the daily chart is peaking its head above resistance dating back to the peak from the Ripple victory pump last year, according to the trader.
XRP is up as much as 7% over the past 24 hours, outperforming the broader market.
Earlier today, the XRP/BTC peaked at 0.0000099 BTC, reaching its highest level since March. The pair has now gained nearly 60% in less than two months.
Alex DovbnyaAs reported by U.Today, XRP's Bollinger bands recently became the tightest they have ever been. This could indicate a major price move.
The chartist jokingly added that XRP is trading as if it was about to get its own exchange-traded fund.
While Ripple CEO Brad Garlinghouse stated that an XRP ETF was inevitable, it is unlikely that financial firms are going to try to launch such a product in the near future.
As reported by U.Today, BlackRock recently confirmed that it was not looking to launch additional ETF products in the near future.
In the meantime, the XRP community is still busy discussion potential settlement talks.
Another closed SEC meeting that has been actively discussed by members of the XRP community is set to take place on Aug. 1.
Garlinghouse previously refused to share specific details about Ripple’s rumored settlement discussions with the regulator.
Still, it does not seem like there is an obvious bullish catalyst that could push the XRP price higher.
Tomiwabold Olajide
Gamza Khanzadaev