It looks like the market is stuck in rangebound trading. Out of the top 10 coins by market capitalization, only one has managed a move of over 1% as the U.S. day began. XRP was up 2.5% to start the day. Xpring Ripple’s incubator arm, has partnered with blockchain startup Forte to form a $100 million fund to support game developers who are interested in the use of blockchain technology.
Bitcoin (BTC) and Ethereum (ETH) offered no such excitement as both trade at $3,860 and $131 respectively, mostly rangebound on the day. Crypto action is very much sidelined for the day. The English Premier League Wolverhampton Wanderers have become the first EPL team to sponsor a crypto exchange. The advertisement has already gone viral on YouTube, attracting over 400,000 views.
As XRP had a fundamental reason to move. Today’s price action highlights the descending wedge formation. If the good news is to continue, could we see a break higher out of this formation? Today’s price action could almost be construed as disappointing given half the gains were given back by the day’s end. This has been a familiar theme after rallies driven by positive news for XRP. Could it be different this time?
With additional commentary & technical analysis by David Hannigan, Chief Dealer, trade.io.
Disclaimer: All opinions expressed by Jim Preissler are solely his opinions and do not reflect the opinions of Forbes, Forbes CryptoMarkets, their parent company or affiliates.