XRP Poised for Major Move Against Bitcoin, Says Crypto Trader

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Cryptodnes2024/07/31 11:39

By:Cryptodnes

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.

Is XRP Set to Surge to $1? According to This Chart it is Possible

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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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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