Ripple Technical Analysis for 02/17/2016 – Major Pivot Zone Breaks

The Ripple digital token has been in a furious trend since the end of January, however, in the past few days, price has broken down through some very important technical areas. For starters, the 0.00002 pivot zone – which has supported price on seven occasions this month – was broken today today on very heavy volume. The market retraced after the break, and 0.00002 turned into resistance. So, 0.00002 is now a major pivot zone that should be marked on every trader’s chart.

Ripple-technical-analysis-Feb17

On a longer time frame, the 0.000024 area has now become a double resistance level. The market could not make it above this area in December of last year, and there wasn’t enough momentum to get price above this price level on the 7th of February.

Ripple-technical-analysis-Feb17-2

Yesterday, the trend line – which the market has bounced from several times this month – was broken. So, this trend line along with the 0.00002 pivot zone, may now act as resistance and send price lower over the next few days. It will be very surprising if there is enough juice in the market to get the Ripple exchange rate above 0.00002 over the next several days.

Ripple-technical-analysis-Feb17-3

 

 

Disclaimer:  This is not trading/investment advice!

Chart source: https://poloniex.com/exchange#btc_xrp

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