XRPthe fifth largest cryptocurrency, could surprise traders, given the current market situation.
In a recent tweet, the co-founder of Glassnode, who goes by the name Negentropic at X, indicated that the current crypto environment remains volatile. He goes on to say that for those willing to take on additional risk, it would be worth taking a closer look at large caps like XRP.
From a risk perspective, the market could be preparing for another bullish move, according to the co-founder of Glassnode.
The risk signal decreased aggressively from 100 with some volatility, similar to how it did before the stellar run of 2023. Based on this, the market could be setting the stage for the next strong move.
XRP saw a significant rise to highs of $0.547 on October 3 after the SEC's decision to request an interlocutory appeal was denied.
In other good news, Ripple announced that it has been granted a Major Payment Institution license in Singapore for digital payment token services.
However, XRP saw some profit taking as the price fell to where it is currently trading. XRP is down 0.56% in the last 24 hours to $0.52 at the time of writing.
Traders could also keep a close eye on XRP as its price stabilizes in a tight range shortly after the formation of a death cross on the daily chart.
Based on historical background, past death cross events for XRP frequently marked major or intermediate price lows. In this sense, XRP could build a base through its current consolidation in preparation for an upward move.
Positivity also appears in the SEC Ripple lawsuit. founder of CryptoLaw John Deaton stated in a recent podcast interview that "the SEC's chances of winning a trial are slim to none. Their only options now are to dismiss or negotiate a settlement, which they may be doing right now. Ripple's goal is to recover as much of its costs as possible."
