According to trader and crypto analyst Ali Martinez, XRP, one of the top altcoins by market cap, is currently witnessing a Bollinger Band squeeze on its four-hour chart.
Such a squeeze occurs when the Bollinger Bands are increasingly tight due to declining volatility during a period of consolidation.
This could potentially be a bullish development for the XRP token, which has been struggling to regain its bullish momentum. A Bollinger Band squeeze typically results in a strong breakout.
The token has already surged to an intraday high of $2.12, reaching its highest level since April 16. The squeeze is already playing out, with a green candle breaking above the upper band.
The most recent price spike comes amid a broader cryptocurrency market rally.
Earlier today, Bitcoin, the flagship cryptocurrency, surged to a one-month high of $87,465. It has rallied in lockstep with gold, benefiting from the weakness of the U.S. dollar. On Monday, the DXY index, which displays the strength of the greenback against other major fiat currencies, plunged to a three-year low of 92.2. Bloomberg's David Ingles claims that technical indicators look "terrible" for Bitcoin bulls as of now.
Other major altcoins are also performing on par with XRP. Ethereum (ETH) and BNB are both up by 1.6%.
Notably, the cryptocurrency market has seemingly decoupled from U.S. equities. Stock futures are currently in the red amid speculation about Federal Reserve Chair Jerome Powell potentially being fired.
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