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Ripple price analysis; Reasons for Ripple to reach $ 1


Yesterday, the price of Ripple after a long time exceeded $ 1. In the one-day view of the Ripple market, a classic pattern has been formed, which can be seen in recent days, and the price has increased exactly in accordance with the purpose of this pattern.

to the Report The Coin Telegraph, the twin floor pattern, as its name implies, is created by forming two similar price floors at a certain level and reversing the market trend. In this pattern, after the formation of the first floor, the price increases to a high resistance and then returns to near the first floor surface. This move is accompanied by a return of the price to a high resistance, which is also called the neckline resistance.

If the price above the neckline stabilizes, there is a possibility of a bullish movement that is as high as the distance between the neck and the price floor. As shown in the chart below, Ripple has stabilized its price above the neckline and then reached the target of the pattern at $ 1.

Reasons for Ripple to reach $ 1
Ripple price chart (click on the image to see the original size)

As can be seen from the chart above, the first floor on June 22 (July 1) formed at the level of $ 0.65 and the price, after rising to the level of $ 0.75, has hit the resistance of the neckline. Then the price fell again and the second floor was created at the level of $ 0.51. Following the formation of the second floor, another uptrend has started from this level, which has been followed by the breaking of the $ 0.75 resistance.

In other words, it can be said that Ripple’s achievement of the $ 1 target of this model has been predictable since the neckline was broken and the price stabilized at this level.

Research by the Samurai Trading Academy shows that twin floor patterns have a 78.55 percent chance of success, meaning that they work 78.55 percent of the time.

If we look at the downtrend, the relative strength index (RSI) in the 1-day view of the Ripple / Dollar market shows that Ripple is at a high price. The index is now in the buying saturation zone and indicates that there is a possibility of increasing sales pressure in the near future.

The price of Ripple increased by 112 percent to $ 1.09 after registering a price floor of $ 0.514 on July 20 (July 29).

One of the main reasons for Ripple’s price growth is the widespread uptrend in the digital currency market, which has been shaped by the recent Ethereum update. Ethereum, like Ripple, rose 89.13 percent to $ 3,235 after hitting $ 1,718.41 on July 20. Hence, it seems that Ripple has only followed the upward trend of the digital currency market. Data from the CryptoWatch platform show that the correlation coefficient between the price performance of Ripple and Ethereum has averaged 0.69 over the past 30 days.

The latest situation of the Ripple court and the stock exchange commission

According to the latest news, despite the fact that Sarah Netburn, the judge in the Ripple case and the US Stock Exchange Commission, has twice instructed the Stock Exchange Commission to submit its internal documents to the court, this government agency has failed to provide the relevant documents. Ripple needs to be rejected.

In early June, Ripple asked the court to force the stock exchange commission to submit its internal correspondence document relating to Ripple’s competitors, Bitcoin and Ethereum. Netburn accepted the request, but the stock exchange commission did not submit any documents to the court.

The Financial Feeds website has said that Judge Netburn could impose financial sanctions on the stock exchange commission for disregarding a court order. In addition, if the stock exchange commission does not cooperate with the court, the judge can declare the commission’s complaint against Ripple completely closed.

Gary Gensler, chairman of the US Securities and Exchange Commission, responded to Senator Elizabeth Warren by pointing out that the stock exchange commission’s methods for determining whether it is a securities asset are quite clear. , Added:

Exchange Commission [تا به اینجای کار] He has taken power and will continue to do so as long as he can. We have not lost this file yet.

The lawsuit filed by Ripple and the Stock Exchange Commission, which began in December 2020, damaged the outlook for investing in the Ripple market. Ripple’s price fell 80 percent in just one month to $ 0.168 after the stock exchange commission’s complaint became public. It is worth noting that at the time, a number of legal exchanges, including CoinBase, Bitstamp, Crypto.com, OKCoin and Wirex, removed Ripple from their list of currencies.

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