Random ping spikes making the game unplayable

Hi all! While playing Squad, regardless of the server I'm in (I always pick two-digit ping ones), my ping seems to be constantly jumping between an acceptable ping and one that is in the hundreds, making the game unplayable as I can't hear comms or properly move, fight etc. It doesn't stay stable at high or low ping, keeps moving virtually every second.
I've dealt with this issue before, it was the reason I shelved the game previously. Unfortunately, it seems that it's not fixed yet on Squad's end. It doesn't seem that it could be anything wrong on my side as I don't experience such issues in other games.
I'm connected to the internet through a cable, just ran a speed test with excellent results and no signs of packet loss or anything of the sort. What's going on and how to fix this? :(