XRP Soars 7%, Primed for Major Move as XRP/BTC Ratio Peaks, Says Trader
The post XRP Soars 7%, Primed for Major Move as XRP/BTC Ratio Peaks, Says Trader appeared on BitcoinEthereumNews.com.
The XRP/BTC ratio is currently positioned for a significant move, as noted by prominent cryptocurrency trader K A L E O (@CryptoKaleo). According to the trader, the token’s latest candle on the daily chart is breaching the resistance level established during the Ripple victory pump last year. XRP has surged up to 7% over the past 24 hours, outperforming the broader cryptocurrency market. Discover the latest dynamics in the XRP/BTC trading pair, including trader insights and noteworthy price movements. XRP/BTC Ratio Poised for a Major Move The XRP/BTC ratio is attracting significant attention as it stands on the brink of a crucial squeeze, according to well-known cryptocurrency trader K A L E O. The trader highlights that the token’s recent performance on the daily chart indicates a breach of a longstanding resistance level, which dates back to the peak from last year’s Ripple victory surge. This movement is seen as a critical indicator for potential upcoming price action. Noteworthy Performance in the Broader Market In comparison to the overall cryptocurrency market, XRP has shown commendable performance, increasing by approximately 7% over the past 24 hours. This performance has outpaced many other digital assets, providing investors with a positive sentiment. The XRP/BTC pair peaked at 0.0000099 BTC earlier today, marking its highest level since March, and has achieved nearly a 60% gain within a short span of under two months. These figures underscore the growing interest and activity surrounding XRP. Ripple’s Strategic Moves and Market Implications Recent analysis by CoinOtag reported that XRP’s Bollinger bands have tightened to their narrowest point ever, which might suggest a significant price movement is forthcoming. Additionally, the ongoing discussions within the XRP community regarding potential settlement talks with the Securities and Exchange Commission (SEC) add another layer of complexity to XRP’s market outlook. Ripple CEO…
Filed under: News - @ August 1, 2024 3:12 am