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.
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.
The team behind Starknet has introduced a new token standard aimed at solving one of…
In a move that highlights the growing race to build infrastructure for autonomous artificial intelligence,…
Prediction market platform Polymarket has entered a new partnership with Palantir Technologies and artificial intelligence…
The Ethereum Foundation has begun staking part of its treasury, marking a significant step in…
Fresh reports circulating in the crypto space suggest that Wei Jiequan, better known as Wilson…
The infrastructure powering autonomous AI agents on Ethereum is slowly coming together. Payments, trust layers,…