Ripple technical analysis update following last week’s landmark federal ruling

• A US federal judge ruled last week that Ripple is a security when sold to institutional investors
• Ripple’s price jumped by more than 30%
• Only a close above parity would invalidate the bearish bias

Ripple squeezed higher last week following a landmark decision from a federal judge ruling that it is a security when sold to institutional investors. If crypto is a security or not has been the subject of many debates lately.

The ruling is a major victory for Ripple, even though the same judge ruled that Ripple is not a security when sold to retail investors. Nevertheless, Ripple’s price bounced from its long-term consolidation area, up over 30% in one single day.

For technical traders, the question is whether the higher spike is enough to break the bearish trend. As it turns out, bulls will have to push some more for Ripple’s bearish trend to end.

Ripple chart by TradingView

Ripple should trade above parity with the US dollar for the bearish bias to end

Despite the spike higher, Ripple’s price remains under pressure unless it manages to climb above parity with the US dollar.

In other words, it remains sensitive to US dollar news, and any dollar strength should result in Ripple giving up more of its recent games.

However, it would all change if the market climbs above parity. This area has provided resistance since the start of 2022 and still does – after all, it contained the price action following last week’s news.

The good part for bulls is that breakout came at the end of a bullish triangle. The said triangle acted as a reversal pattern, and triangles like these usually appear at the end of bearish trends.

All in all, the bias remains bearish unless more strength leads to Ripple trading above parity. Until then, look for US dollar news to drive the price action.

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New AI Memecoin Shiba Memu Raises $798K in Nine Days

London, United Kingdom, July 14th, 2023, Chainwire

Shiba Memu, a new dog-themed memecoin, has reported strong demand for its presale, raising almost $800,000 in just nine days. A total of $798,000 worth of SHMU tokens have been purchased so far ahead of the memecoin’s official exchange launch.

The project is centred around combining AI with advanced memetics to create a token that can market itself. Throughout its presale, which lasts for eight weeks, the price of the token will increase every 24 hours, until it eventually launches on multiple exchanges. SHMU tokens are currently available to buy on the official website.

Shiba Memu aims to become the top dog by using AI to generate its own marketing, doing the work of multiple agencies in real time, and eventually becoming a crypto marketing powerhouse. Launched at $0.011125 on day one of the presale, the coin will increase in value by $0.000225 every day until launch.

From day one to day nine, the cost of SHMU tokens rose by 16.18%. There follows a 41% increase scheduled by day 21 and, at the end of the presale on day 60, the SHMU token will cost 119.3% more than the initial launch price.

Shiba Memu’s roadmap is centered around harnessing the power of AI technology to disrupt a traditional market. Its AI will learn from successful marketing strategies, write its own PR, and promote itself across relevant forums and social networks. Shiba Memu will be able to generate content based on the data that its AI continually analyzes, publishing this on several online platforms. It will then monitor and analyze the success of its marketing efforts and adjust them accordingly, constantly learning and improving content in order to further optimize results.

The automatic nature of the platform removes humans from content marketing efforts, reducing delays and eliminating time-consuming tasks. It also means that Shiba Memu will be incredibly low maintenance, just like a real-life dog.

Shiba Memu has earned approval from CertiK, a top-tier blockchain auditor, which gives investors assurance that the project’s code and specifications have been reviewed and that the Shiba Memu team has passed a KYC process, reinforcing the project’s legitimacy. SHMU token holders will also be able to stake their coins to earn additional SHMU tokens. Shiba Memu has in-built, native utility, making it a potential long-term hold for meme fans and crypto enthusiasts alike.

About Shiba Memu

(SHMU) is a new dog-based crypto meme coin supporting a platform that uses AI to market itself and generate hype among online communities, thus creating a unique self-marketing meme. This technology will become more widely adopted within the blockchain arena in the coming years and solidify Shiba Memu’s position as a genuine pioneer. The cutting-edge AI technology behind the project reveals true innovation in the meme coin sector, and promises to deliver small and medium-sized businesses access to powerful marketing solutions that could both cut costs and deliver competitive advantage.

Learn more about this impressive AI-powered dog meme on the official website.

For more information:

• Website
• Whitepaper
• Socials

 

Contact

Shiba Memu team
Shiba Memu
contact@shibamemu.com

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