Categories: Market Analysis

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.

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.

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.

Related Post

 

 

Disclaimer:  This is not trading/investment advice!

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

If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

Share
Published by
Traderman

Recent Posts

Ushering in a Brand New Ecology in Game: How Does HashLand Become a Vanguard to Guarantee Floor Value?

For some time in the past, Gamefi was criticized by many people as a lofty…

2 hours ago

Robinhood Shiba Inu Listing Not Happening This Year, Especially After the Recent Security Incident

With Robinhood's recent security incident that leaked over 5 million users' names and email addresses,…

3 hours ago

Loopring Price Down 10%, Is LRC a Good Investment for 2022?

There's no doubt that the cryptocurrency market has been experiencing a rough couple days. Loopring's…

4 hours ago

Here’s Why Precious Metals Belong in Your Portfolio

Whether you already have a large portfolio or you’re just getting started in investing, precious…

5 hours ago

Gala Price Doubles After Town Star Nodes Announcement

Gala price is up over 93% today, making it the biggest gainer on Crypto.com, followed…

9 hours ago

Shiba Inu Price Holding Support as the FUD Continues

Shiba Inu's price continues to hold the $0.000049 support level amid FUD from major news…

11 hours ago

This website uses cookies.