XRP Poised for Major Move Against Bitcoin, Says Crypto Trader
31.07.2024 13:00 1min. read Alexander Stefanov
Renowned crypto trader KALEO has suggested that the XRP/BTC ratio is set for a significant shift.
The trader noted that XRP’s daily chart is breaking past a key resistance level established during last year’s Ripple victory rally. Over the past 24 hours, XRP has seen a 7% increase, outpacing the broader crypto market.
Today, the XRP/BTC ratio reached 0.0000099 BTC, its highest point since March, with nearly a 60% gain in under two months.
According to U.Today, XRP’s Bollinger bands have recently tightened to their narrowest range ever, which might indicate a significant price movement.
The trader humorously remarked that XRP is trading as if it were about to launch its own exchange-traded fund (ETF).
Despite Ripple CEO Brad Garlinghouse’s assertion that an XRP ETF is inevitable, it is unlikely that financial firms will pursue such a product soon.
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