Ripple has been trading in a sideways market for most of November. However, an important pivot zone was broken today. Price is currently trading at 0.00001206, which happens to be under the major pivot zone at 0.0000126. This level provided some resistance at the start of the month, and then turned into support for most of November. Since price is now trading under 0.0000126, it is very likely that this level may now act as resistance again.
Although market sentiment is now bearish, there is another potential pivot zone that may halt further price declines. The 0.0000116 area was very active between the 5th and 6th of November; once as resistance; three times as support. Given the prior history of this area, I would say that 0.0000116 may act as support now. If price slips underneath even 0.0000116, a bear market is very likely to follow.
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.