$XRP
🚨 XRP uptrend stalls as profit-taking ramps up 🚨
XRP's price extended the previous week's uptrend, reaching highs of $2.65 on Monday before correcting to trade at $2.44 at the time of writing. The cross-border money remittance token gained traction amid renewed risk-on sentiment, as investors welcomed trade talks between the US and China.
Based on the 12-hour chart, XRP sits significantly above key moving averages, including the 50-, 100- and 200 Exponential Moving Average (EMA), forming a confluence support around $2.23.
The Relative Strength Index (RSI) indicator's rejection from near overbought territory to 63.17 exemplifies a strong bearish momentum. If the indicator slides toward the midline, the path with the least resistance could stay downwards, risking the progress made over the last week.
Beyond the immediate support at $2.40, the confluence area around $2.23, and the critical level at $2.20 would come in handy to absorb the potential selling pressure as traders adjust positions due to changing dynamics.
Notably, the Moving Average Convergence Divergence (MACD) indicator upholds the buy signal sent on Thursday. This, along with the MACD line (blue) divergence above the signal (red) and the green histograms, suggests that it's not over for the bulls as they could still push for a trend continuation above the short-term support at $2.40. Targets on the upside include the supply zone at $2.80, tested as resistance in February and the psychological level at $3.00, tested last in March.
Ripple (XRP) price trims gains to exchange hands at $2.44 at the time of writing on Tuesday, as the crypto market puts the brakes on the rally triggered by the trade deal between the United States and China, on top of last week's limited bilateral trade agreement with the United Kingdom (UK).
