Cryptocurrency Market News: XRP slides below $0.26 hinting at a possible reversal

Here is what you need to know on Friday 28, August

BTC/USD had a notable pump towards $11,600 after positive comments from the Federal Reserve, however, the ‘rally’ was short-lived and Bitcoin is now trading at $11,254.

ETH/USD did something similar almost cracking $400 before dropping back to $371, the low in the last 24-hours. The most important support level at $362 is still defended.

XRP/USD is struggling after losing both daily EMAs which are extremely close to a bear cross. The digital asset is currently trading at $0.261.

UMA is up 20% in the past 24 hours followed by Serum, at 15% with a significant trading volume of $200 million. Virtually every other altcoin is in red today. 

Chart of the day: ETH/USD 1-hour chart

Market

The entire market pumped today after Federal Reserve chairman Jerome Powell discussed the inflation target changes for the U.S. Tyler Winklevoss, said that one of Bitcoin’s biggest boosters has always been the Fed under the leadership of Jerome Powell. 

The Fed, under the leadership of Jerome Powell, continues to be Bitcoin's biggest booster. On Thursday, he will deliver a speech about how the Fed will begin targeting higher inflation.

Bitcoin and others did have a slight pump after the speech that only lasted a few minutes. Bitcoin is now lower than what it was in the last 24 hours and other major coins are seeing an extended pullback hinting at a possible reversal period in the short-term.

Industry

LINE, the Japanese messaging company similar to Whatsapp and others has just launched a blockchain development platform. 

Companies can use LINE Blockchain Developers' main features to issue their own tokens, tokenize in-game digital assets (such as characters, items, and currency), ensure transparent transaction histories, and monetize data. For services that have been developed with the platform, token and item trades can also be verified on LINE Blockchain Explorer (formerly known as LINK SCAN).

Quote of the day

Gold is a great way to preserve wealth, but it is hard to move around. You do need some kind of alternative and Bitcoin fits the bill. I’m not surprised to see that happening.

– Jim Rickards