Today, Ripple finally managed to break above the monster 0.00002 pivot zone that has been strangling the market since the middle of February. Given the prior history of this price level, I would say there is a very high chance that 0.00002 will act as support in the future.
Ripple traded as high as 0.00002324 today, however, price was unable to close above the 0.000022 price level! So, what’s so special about 0.000022? The 2-hour chart show that 0.000022 has some history behind it; acting as resistance on the 8th of February; resistance on the 14th of February. Including today’s bounce, the 0.000022 price area has acted as resistance three times.
The 0.0000187 pivot zone – which I explained in my last Ripple technical analysis article – has become much more significant now. The 0.0000187 area acted as support about seven times between the 3rd & 9th of this month. If price does slide down to this price level in the future, you can bet that the 0.0000187 level will be respected again as support. This is a major pivot zone now and should be marked on everyone’s charts.
Disclaimer: This is not trading/investment advice!
Chart source: https://poloniex.com/exchange#btc_xrp
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