The Ripple digital token rallied today on news that Microsoft has been experimenting with the Ripple protocol on its Azure blockchain development platform. Prior to today’s news, Ripple was trading in a directionless chop for most of November. However, the technical outlook has now changed completely. The 0.000014 pivot – which acted as resistance about five times in the past thirty days – has now been broken, so this area is very likely to act as support in the future.
Although the value of Ripple increased about ~31% today, price retreated quite quickly once it hit the pivot zone at 0.0000195. This level goes all the way back to October, when 0.0000195 was used as support on October 9, and then as resistance on the 19th. Price would have to get near 0.000021, before 0.0000195 can turn into support again.
There is another smaller pivot zone that is visible on the 30-minute chart – 0.000018. This level gave the market pause about two times today, and price is now using this area as support. If the market slips under 0.000018, I would think that this area could turn into resistance again. This little pivot isn’t visible on the 4-hour chart, but stands out pretty well on the lower time frames. Something to keep in mind!
Disclaimer: This is not trading/investment advice!
Chart source: https://poloniex.com/exchange#btc_xrp
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