Given the state of the market at the moment, XRP, the fifth-largest cryptocurrency, could astound traders.
The co-founder of Glassnode, known as Negentropic on X, recently stated that the present crypto ecosystem is still unstable in a tweet. He continues by saying that high caps like XRP would be worth taking a closer look at for individuals who are ready to assume more risk.
The co-founder of Glassnode believes that the market may be getting ready for another move-up from a risk viewpoint.
The danger signal, like it did prior to the great 2023 run, aggressively fell from 100 with some turbulence. This suggests that the market may be preparing for the next significant move.
After the SEC’s request for an interlocutory appeal was refused, XRP experienced a large increase, reaching a high of $0.547 on October 3.
Another piece of positive news is that Ripple has been granted a Major Payment Institution licence in Singapore for its services involving digital payment tokens.
However, as the price dropped to where it is presently trading, XRP saw some profit-taking. At the time of writing, the price of XRP was $0.52, down 0.56% over the previous day.
The price of XRP has just settled into a constrained range with the development of a death cross on the daily chart, so traders may as well keep a careful eye on it.
Past death cross events for XRP have often signalled big or intermediate price bottoms based on historical precedents. In this sense, the recent consolidation of XRP might be used to create a base in front of a move higher.
Additionally, there is hope in the Ripple SEC complaint. John Deaton, the creator of CryptoLaw, claimed in a recent podcast interview that “the SEC’s prospects of winning a trial are nearly zero. Their two choices at this point are to dismiss the case or, maybe already in progress, to seek a settlement. The goal of Ripple is to recoup as much of their expenses as they can.
