Ripple has been sliding lower since hitting the big resistance level at 0.000024, on the 7th of February. However, the downtrend is starting to show signs of weakness. For starters, the market is not technically in a downtrend anymore, as the trend line has been broken and price is currently trading well above that trend line.
The big pivot that everyone needs to keep an eye on is the 0.00002 level. In my prior Ripple technical analysis article, I outlined the importance of this level, and this area has become even more significant since then. The Ripple exchange rate has reversed rapidly each time it has approached the 0.00002 pivot in the past 7 days.
The 2-hour chart also shows how significant the 0.0000187 area has become in the last 10 days. This area has acted as resistance about three times since the 20th of February. Price managed to break above this level yesterday and this pivot is now acting as support again. If price holds above 0.0000187 over the next 24 hours, another rally towards 0.00002 is very likely.
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 U.S. Supreme Court has delayed its highly anticipated ruling on the legality of President…
President Donald Trump has officially closed the door on any possibility of a pardon for…
Ethereum has officially crossed the ~$300 billion mark in application total value locked (TVL), solidifying…
The U.S. Securities and Exchange Commission has approved Bitwise’s spot Chainlink ETF, marking the first…
Rumble and Tether have officially launched the Rumble Wallet, a self-custodial crypto wallet integrated directly…
BNB Chain is preparing to activate its Fermi hard fork on January 14 at 2:30…