According to U.Today, prominent cryptocurrency trader K A L E O (@CryptoKaleo) has noted that the XRP/BTC ratio is currently set for a squeeze. The token's most recent daily chart candle is peaking above resistance levels dating back to the peak from the Ripple victory pump last year. Over the past 24 hours, XRP has surged by as much as 7%, outperforming the broader market.
Earlier today, the XRP/BTC ratio peaked at 0.0000099 BTC, reaching its highest level since March. The pair has now gained nearly 60% in less than two months. XRP's Bollinger bands have recently become the tightest they have ever been, which could indicate a major price move. The chartist humorously suggested that XRP is trading as if it were about to get its own exchange-traded fund (ETF). While Ripple CEO Brad Garlinghouse has stated that an XRP ETF is inevitable, it is unlikely that financial firms will launch such a product in the near future. BlackRock recently confirmed that it was not looking to launch additional ETF products soon.
Meanwhile, the XRP community is actively discussing potential settlement talks. Another closed SEC meeting, which has been a topic of discussion among XRP community members, is set to take place on Aug. 1. Garlinghouse has previously declined to share specific details about Ripple’s rumored settlement discussions with the regulator. Despite these discussions, there does not appear to be an obvious bullish catalyst that could push the XRP price higher.
