Having yesterday alluded to my view that the market should get used to more rangebound trading, I should hardly be surprised that out of the top 10 coins by market capitalization, only one has mustered a move of over 1% as the US day begins. The gold medal goes to XRP, up 2.5% to start the day. Xpring which is 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. More positive news for XRP and for today at least reflected in the price. For BTC and ETH, no such excitement as they trade at $3,860 and $131 respectively. And give or take a few cents either way, there we would sit for the majority of the day. Maybe investors are more focused on the ongoing Brexit events back in my homeland. For whatever the reason, crypto is very much sidelined for the day. And speaking of my homeland, I see English Premier League side Wolverhampton Wanderers have become the first EPL team to have sponsorship from a crypto exchange. The advertisement has already gone viral on YouTube, attracting over 400,000 views!
As XRP had reason to move and little else of importance did, let’s take another look at the number 3 coin by market capitalization. This is a repeat of a chart I sent out recently, but today's price action rather highlights the descending wedge formation. If the good news is to continue, will 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 day's end. This has been a familiar theme after rallies driven by positive news for XRP. Will it be different this time? Keep watching that formation over the coming the days.
Wednesday’s winners and losers