Ripple analysis : awaiting triangle pattern breakout
13:22, 7 August 2020
Ripple is starting to consolidate above the $0.30 technical area, following its recent breakout rally towards the $0.33 resistance level.
Ripple analysis shows that the price is close to staging a technical breakout from a symmetrical triangle pattern on the lower time frames.
Ripple medium-term price trend
Ripple appears to be one of the more bullish top coins, following its recent breakout rally above the $0.30 resistance level.
Ripple technical analysis shows that medium-term bears may be preparing to take the cryptocurrency back towards the $0.2300 support area.
The daily time frame shows that a major technical breakout has recently taken place from a large wedge pattern.
It is possible that the XRP/USD pair may retest the former breakout area and attract fresh buying interest at lower levels.
If bulls continue the recent upside breakout and move the price above the $0.3300 level, then further gains towards the $0.3800 and $0.4500 levels are possible.
What is your sentiment on EA?
Ripple short-term price trend
Ripple technical analysis over the short term shows that the cryptocurrency is only bullish while the price trades above the $0.2500 level.
The four-hour time frame shows that the XRP/USD pair is trading within a symmetrical triangle pattern, between the $0.2980 and $0.3100 levels.
According to the size of the triangle pattern, the XRP/USD pair could rally towards the $0.2750 level if a bearish breakout occurs.
Traders should note that if a bullish breakout takes place then the XRP/USD pair could rally towards the $0.3500 area.
Ripple technical summary
Ripple technical analysis highlights that a strong direction breakout from a triangle pattern will take place when the price moves away from the $0.2980 to $0.3100 trading range.