Ripple (XRP) – Bitcoin formula analysis – Breakout from the Triangle Pattern possible?

The Ripple price has recently risen to a level of up to 0.77 euros, thus testing the resistance of the Triangle pattern, which has been in force since the end of April and is pointing upwards.

Summary of Bitcoin formula

Bitcoin formula went up this week. Since April 20, the price has moved sideways in an upward triangle pattern. Overall, the assessment is rather bullish. The immediate resistance is at 0.79 Euro, for the next target one could target a value of 0.88 Euro.

Despite the occasional dips, the share price was able to maintain the upward trend that had existed for two weeks. Following Binance’s announcement that it could now buy and sell Ripple against Tether, the Ripple price tested the upper edge of the Triangle pattern for the third time.

The MACD (second panel from the top) still gives reason to hope for a further rise: it is positive and rises slightly. The MACD line (blue) is above the signal (orange).

The RSI is at 62, so it’s not overbought and still allows some upward play.

Overall, the situation is bullish according to the price, trend and indicators. Now that the price has tested the triangle pattern several times upwards, it is questionable whether it will make the breakout to the upside in the near future.

Support and Resistance
The first support is 0.67 Euro and is described by the EMA100. The next support level will then be 0.53 Euro on the same level as in mid-April.

The first resistance of 0.79 Euro is described by the short breakout from the Triangle Pattern on April 24th. If the price can break through this level, the next resistance of 0.88 Euro is defined above the maximum of March.

Entry Points, Stop Losses and Targets

If the price rises to the first resistance of EUR 0.79, this can be seen as an entry point. If this is achieved, the indicators will be green to indicate a long position. A stop loss should then be set to the value of 0.76 Euro, i.e. the resistance of the triangle pattern. The target is 0.88 euros based on the mid-April plateau.

If the price should fall, the indicated support levels are to be observed again. If the price can bounce off these, this would be a reason for a long position with a stop loss at the tested support and targets at the indicated resistances.