xrp cryptocurrency price

FTX and MLB make history, as crypto majors show signs of life

Cryptos consolidate before breaking out in 2022
Written by publisher team

  • Bitcoin price is completing a bearish 5 th Elliott wave pattern.
  • Ethereum is setting up a doji candlestick pattern after closing lower by -0.21% yesterday.
  • XRP price contained three technical indicators, which led to a 17% recovery today.

Bitcoin price briefly sweeps across the bottom of May 19 to confirm five waves down and is flashing bullish momentum divergence in the process. The Ethereum Doji candlestick pattern started today as ETH rose above the high of the pattern. XRP price is respecting support in a challenging trading day.

FTX Announces Long-Term Global Partnership with Major League Baseball

FTX and Major League Baseball (MLB) have signed the first-ever partnership between a professional sports league and a cryptocurrency exchange. The agreement aims to enhance FTX brand recognition and signal a more innovative MLB.

The FTX and MLB Partnership provides FTX with global marketing rights associated with MLB brands, logos, and special events. Fans will see live promotion for the FTX brand “on nationally televised MLB games, MLB.com, MLB Network, MLB.TV, social media platforms, and more high-impact baseball.”

Beginning with the MLB All-Star Game on July 13, the FTX.US logo will appear on all referee uniforms for the regular season, post-season, spring training, and Jewel Event games.

FTX CEO and Founder, Sam Bankman-Fried, highlighted the company’s desire to have a global impact and how the MLB’s international fan base is the perfect platform to pursue that mandate.

At FTX, we strive every day to make a positive global impact, and there is no better partner for us to achieve this goal than with our MLB and international fan base.

MLB was equally excited by the opportunity as the professional sports league’s oldest partner, “with a global leader in the early stages of their incredible growth.”

In parallel, FTX.US, the US division of the cryptocurrency exchange, has entered into an agreement with MLB Players Inc. , a subsidiary of the MLB Players Association “which manages all business activities of the Corporation”. FTX will have multiplayer rights, which will allow the company to use top players to create content.

It’s a five-year deal, but financial terms were not disclosed. However, the partnership continues to actively push FTX to use the sport as a platform for growth. The plan included the naming rights for the Miami Heat arena for $135 million over 19 years and an impressive multi-million dollar partnership with esports team TSM.

Bitcoin Price Risk vs. Reward Opportunity May Have Turned Upwards

Bitcoin price may have printed a significant bottom yesterday as the major cryptocurrency briefly swept May’s lows before reversing higher. The liquidation process gave a bearish 5th Elliott wave pattern and confirmed the bullish momentum divergence on the daily chart.

Bullish momentum divergence occurs when the price makes a new low, but the RSI does not confirm a new low. The last difference in bullish momentum was at the low on Dec 17, 2019. BTC continued its 60% rally to a high on Feb 13, 2020.

Despite the bullish implications of yesterday’s price action and today’s follow up, it is essential that you realize that Bitcoin price has also triggered a massive head and shoulders pattern with trading below the neckline at $30,460. Of course, it could just be a bear trap, but more BTC price action is needed to confirm a sustainable decline.

A daily close above $35,741 would be the first type of confirmation that Bitcoin investors need to consider an initial long position. Next, the bitcoin price should be released to revisit the feared resistance between $41,986 and $43,256. The range includes the 50-day SMA, the 38.2% Fibonacci retracement of the April-June retracement, and the 200-day SMA.

BTC/USD daily chart

Important things happened yesterday that may signal the end of a multi-month correction, but bitcoin investors cannot overlook the prevailing head and shoulders pattern that started yesterday. A bullish reversal could also be a hoax message by the price of bitcoin that aims to deceive bull market operators.

Bitcoin price and technical indicators left some clues about BTC’s intentions, but patience is still warranted until the break above $35,741 at the daily close.

Ethereum price respects pivotal support in a difficult bar

Ethereum price positive response to the outstanding support framed by the 200-day SMA at $1,878, the 2020 uptrend line at $1,793, and the 61.8% retracement of the March 2020 to May 2021 advance at $1,730 and $1,728 lower level on May 23. A hint of optimism for enthusiastic ETH investors and short-term speculators.

Adding some relief, yesterday’s price of Ethereum closed with a doji candlestick pattern on the daily chart, showing indecision on the part of both buyers and sellers of ETH. It can also represent a regression reversal point or the beginning of a consolidation range. However, the doji pattern indicates that the early selling pressure was accompanied by a lively build-up as the day progressed towards the close.

The Ethereum price bounce and the resulting doji pattern is a marked improvement for the smart contract giant and today’s follow-up, if it continues, is a constructive development. However, they do not confirm that a viable subscript was printed. Today’s failure at the February high of $2,041, a recognizable level of resistance and support for the past few months, reveals the technical hurdles that lie ahead for ETH if the bounce gains momentum.

Ethereum price needs a daily close above Monday’s high of $2,259 to confirm the establishment of a meaningful bottom. ETH investors can target the top of the symmetrical triangle at $2,716 and the 50-day simple moving average at $2,815, generating a 25% profit for speculators in time.

ETH/USD daily chart

ETH/USD daily chart

A daily close below yesterday’s low of $1,700 (magnetic effect of round numbers) will confirm that ETH selling pressure has not been exhausted. The digital asset may drop to a 2018 high of $1,419, ensuring an oversold condition on the daily RSI. A test of the 2018 high would represent a 28% drop from the current price.

XRP price stops as support levels converge

At its lowest level recorded yesterday, XRP price is down more than 70% from the April high and 50% from the June 1 high while also destroying the May 23 low at $0.652. However, Ripple recognized three important technical milestones that triggered a strong level of support: the 78.6% retracement test of the December 2020-2021 advance at $0.555, a touch of the 50-week simple moving average at $0.539 and an oversold reading on the day. RSI for the first time since late December 2020.

The failure of XRP price yesterday to close at least with a doji candle or a gain suggests that the remaining selling may continue in the near future before XRP deals with the 200-day SMA at $0.728 and the critical resistance now identified at $0.760. However, a daily close above $0.652 would put the international settlements symbol in a reliable position to initiate a rally to those levels.

XRP/USD daily chart

XRP/USD daily chart

Alternatively, the XRP price may trade in a range in the short term, surrounded by yesterday’s low of $0.512 and the May 23 low of $0.652, putting pressure on Ripple speculators to refrain from quick trading decisions without price confirmation.

Any heavy selling pressure below yesterday’s low would leave XRP price undisturbed to suffer a surprisingly large sell-off.

The cryptocurrency market is a unique arena for market technicians. It is just supply and demand at its highest. There are no earnings, valuation metrics, or government intervention (yet). Instead, fear and greed drive the ship, putting technical analysis at the forefront of analysis and forecasting priorities.

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