XRP price rally stalls reflecting potential profit-taking :
XRP hits $2.65, but pares gains amid a crypto rally fuelled by a US-China trade deal.
Under Paul Atkins's leadership, the SEC will develop a rational regulatory framework for crypto asset markets.
Atkins said during the Crypto Task Force roundtable that policymaking will not depend on ad hoc enforcement actions.
XRP drops to test $2.40 support as RSI nears midline, signaling increased bearish momentum.
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). The sudden pullback from Monday's highs triggered massive liquidations totaling $35 million in the last 24 hours, according to CoinGlass data. Longs accounted for the lion's share of the liquidations at $22.82 million, hinting at declining trader interest in XRP's short-term price action.
Meanwhile, Securities and Exchange Commission (SEC) Chair, Paul Atkins, said during the Crypto Task Force roundtable on Monday that the Commission needs to keep pace with innovation, calling for regulatory changes to position the United States (US) as the "crypto capital of the planet," as envisioned by President Donald Trump.
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.
