XRP has soared by up to 7% in the past 24 hours, outpacing the broader crypto market and reaching new heights. The XRP/BTC pair recently hit 0.0000099 BTC—its highest level since March—reflecting a remarkable 60% increase in under two months.
So, what’s driving this impressive rise? Let’s dive in!
Analyzing the Surge: What the Experts Are Saying
Prominent cryptocurrency trader K A L E O (@CryptoKaleo) has observed that the XRP/BTC ratio is primed for a potential squeeze, signaling that a major price move might be on the horizon. The latest daily candle on the XRP chart has surpassed resistance levels from last year’s Ripple victory rally. This development has traders buzzing about the possibility of XRP continuing its upward trajectory, especially given its recent robust performance.
XRP on the Rise?
In the past day alone, XRP has surged by up to 7%, outstripping the general crypto market. The XRP/BTC pair recently touched 0.0000099 BTC, a peak not seen since March and indicative of a nearly 60% gain in just two months. This dramatic ascent follows a period when XRP’s Bollinger Bands tightened to their narrowest ever—a classic precursor to significant price volatility.
For XRP to hit the $1 mark by the end of this year, it needs to leap 55.88% from its current trading price of $0.6415, which would push its market cap to approximately $56.627 billion.
ETF Talks – Just a Rumor?
Adding to the speculations, there has been playful speculation in the crypto community about the possibility of an XRP ETF. While Ripple CEO brad garlinghouse 
brad garlinghouse Brad Garlinghouse is one of the world’s largest crypto payments processors; he is an extremely popular name across the global crypto landscape. He has previously served as the CEO of Hightail, a file-sharing service, and is also an active angel investor. He is currently serving as the CEO of financial technology company Ripple Labs. He joined Ripple as COO in April 2015, answering to the CEO and prime supporter, Chris Larsen. He was elevated to CEO in December 2016. Previously, he also worked at AOL and Yahoo! From 2003 to 2008, he filled in as Senior Vice President at Yahoo!, where he ran its Homepage, Flickr, Yahoo! Mail, and Yahoo! Courier divisions. While at Yahoo!, he wrote an inner update known as the “Peanut Butter Manifesto,” requiring the organization to zero in on its core business instead of extending itself excessively far, much like peanut butter. EntrepreneurInvestorChief Executive OfficerBoard Member 
has mentioned that an XRP ETF is inevitable, it is not expected to happen soon. This sentiment was echoed by BlackRock, which recently confirmed that it is not planning to launch new ETF products soon.
Many analysts also believe XRP lacks the market readiness, volume, and funds to enter the ETF mania. However, the successful outcome of the Ripple vs. SEC lawsuit does not promise an easy path for the XRP ETF to be approved.
What Next for XRP?
The current momentum surrounding XRP has generated significant interest and optimism among investors. With the XRP/BTC ratio gearing up for a squeeze and ongoing speculation about an XRP ETF, there’s a palpable buzz in the market. If XRP maintains its bullish trend, it could dramatically alter its position in the cryptocurrency space.
If the bulls can sustain their momentum and achieve healthy consolidation, XRP might very well hit the $1 milestone before the end of Q3 2024 or early Q4. What are your thoughts?
Also Read: Ripple News: Why is XRP Price Up Today?