XRP Breaks Out of Bollinger Band Squeeze, Hits $2.12 Amid Crypto Market Rally

XRP is flashing bullish signals as a Bollinger Band squeeze unfolds on the four-hour chart, according to trader and analyst Ali Martinez. A Bollinger Band squeeze—marked by narrowing bands due to low volatility—often precedes a strong price breakout. In XRP’s case, the squeeze has already begun to resolve to the upside, with a green candlestick breaking above the upper band.

The token has surged to an intraday high of $2.12, its highest price since April 16. This move aligns with a broader rally across the cryptocurrency market, driven in part by a weakening U.S. dollar. The U.S. Dollar Index (DXY) fell to a three-year low of 92.2 on Monday, providing favorable conditions for risk assets like Bitcoin and altcoins. Bitcoin (BTC) soared to $87,465, a one-month high, mirroring gold’s rise as traders seek inflation hedges.

Other major altcoins are also seeing gains. Ethereum (ETH) and BNB each rose 1.6%, signaling renewed investor confidence. Meanwhile, meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE) are seeing declining volumes and fading investor interest, suggesting a rotation back into large-cap cryptocurrencies.

Despite the bullish momentum, Bloomberg’s David Ingles warned that technical indicators for Bitcoin still look “terrible,” implying potential caution ahead. Interestingly, the crypto market appears to be decoupling from U.S. equities, which are struggling amid rumors that Federal Reserve Chair Jerome Powell may be dismissed.

Overall, XRP’s breakout from the Bollinger Band squeeze, combined with a strong market backdrop, could signal the start of a larger upward move—especially if buying pressure continues to build. Traders will be watching closely for confirmation of a sustained breakout.