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XRP, the fifth-largest cryptocurrency, might surprise traders, given the current situation on the market.
In a recent tweet, the co-founder of Glassnode, who goes by the name Negentropic on X, indicated that the current crypto environment remains volatile. He goes on to say that for those willing to take on additional risk, large caps such as XRP might be worth a closer look.
From a risk perspective, the market might be setting up for another move-up, according to the Glassnode co-founder.
The risk signal declined aggressively from 100 with some volatility, similar to how it did before the stellar 2023 run. Based on this, the market might be setting the stage for the next strong move.
XRP saw a significant rise to highs of $0.547 on Oct. 3 after the SEC's move to request an interlocutory appeal was denied.
In other good news, Ripple announced that it has been given a Major Payment Institution license in Singapore for digital payment token services.
However, XRP experienced some profit-taking as the price fell to where it currently trades. XRP was down 0.56% in the last 24 hours to $0.52 at the time of writing.
Traders might as well keep a close watch on XRP as its price settles into a narrow range shortly after the formation of a death cross on the daily chart.
Based on historical antecedents, past death cross events for XRP frequently marked major or intermediate price bottoms. In this regard, XRP might build a base through its current consolidation in preparation for a move higher.
Positivity also looms in the Ripple SEC lawsuit. CryptoLaw founder John Deaton stated in a recent podcast interview that "the SEC chances of winning a trial are almost slim to none. Their only options now are to either dismiss or negotiate a settlement, which they may be doing right now. Ripple's objective is to claw back as much of their costs as possible."
Gamza Khanzadaev
Mushumir Butt
